Plano-Based Alkami Plans IPO Launch at $2B Valuation

Alkami, under the ticker symbol ALKT, is looking to raise $141 million by selling 6 million shares of its common stock at an expected price of $22-25 per share.

Alkami Technology, a Plano-headquartered provider of cloud-based digital banking solutions for banks and credit unions, today announced the plans for its initial public offering.

In a filing with the U.S. Securities and Exchange Commission, Alkami set its expected initial public offering price between $22 and $25 per share. The company is looking to raise $141 million by selling 6 million shares of its common stock. Underwriters will also have a 30-day option to purchase up to 900,000 additional shares.

This puts the fintech at a valuation of up to $2.08 billion, according to Reuters.

Alkami intends to list the stock on The Nasdaq Global Select Market under the ticker symbol “ALKT.” Per a news release, Goldman Sachs, JP Morgan, and Barclays will act as joint lead bookrunners for the offering.

Renaissance Capital reported that the deal is expected to be priced next week (during the week of April 12).

We previously told you about Alkami’s IPO in February, when anonymous sources told Reuters that the IPO could be valued at $3 billion. Alkami did not respond to Reuters’ request for comment.

That announcement came on the heels of the fast-growing fintech’s $140 million funding round in September, which put its total funding upwards of $400 million. That financing followed several major growth milestones for the local company.

Alkami’s solutions are designed to modernize how financial institutions do business and users do banking, and it’s earned some of the highest app store ratings in digital banking.

Founder Stephen Bohanon, who is now chief strategy and sales officer, previously summarized its services in an interview with Dallas Innovates: “Our platform simplifies money movement and financial wellness, and provides deep user insights with our proprietary data engine.”


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CEO Mike Hansen and Bohanon have built an intentional workplace culture of Alkamists at the company’s Plano home base around the idea that “business innovation is very simply the focus of the human capacity to create or improve products, solutions, and business models.”

Competing against giants like Fiserv, Alkami has grown to more than 400 employees since its 2009 founding. Today, Alkami’s under-the-radar status has changed—and rapidly. Last year, it reached nearly 10 million digital users and crossed more than $130 million of annual recurring revenue under contract. 

And, the company’s financing continued to fuel its growth in 2020, during a time when many were turning to digital solutions amidst the COVID-19 pandemic. Now, the fast-growing startup is serving some 160 financial institutions, according to its website.

“Our clients are among the best performing and fastest growing FIs in the country, in part due to the strength and velocity of our platform, solutions and ecosystem,” Hansen previously said. “Together we are creating and delivering winning digital solutions to our clients’ customers, members and businesses.”

Bohanon’s original vision has been fueled by his unwavering belief in the product—and the market’s need for a modern digital banking platform. He previously predicted that “ultimately, everyone will go to electronic delivery” of financial services.

The company, now headquartered at Granite Park in Plano where it doubled its footprint in 2018, has come a long way in a short time since its founding in a makeshift office over a Coldstone Creamery.

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