Digital banking solution Alkami Technology has closed a Series D round of funding from General Atlantic.
The firm will join existing investors S3 Ventures, Argonaut Private Equity, and a group of unnamed strategic FinTech investors.
Alkami Technology provides online and mobile banking solutions for financial institutions in the US. The company provides a cloud-based platform for retail and business banking, mobile banking, bill pay, personal finance management (PFM), Person-to-Person payments, and marketing, among others.
Founded in 2009, the company enables banks and credit unions to build customised apps and product extensions, as well as integrating new features to better serve their customers.
Through this new partnership with General Atlantic, Alkami hopes to accelerate innovation for its product.
General Atlantic vice president Raph Osnoss said, “Digital banking needs are evolving along with consumer and business behaviors, and we believe Alkami is at the center of this industry-wide shift. Alkami’s vision, technology, client success, and business model position the company well for continued growth. We are excited to partner with Mike and the Alkami team to drive continued innovation in the way financial institutions engage with customers.”
As part of the transaction, General Atlantic vice president Raph Osnoss and General Atlantic special advisor Gene Lockhart will join the company’s board of directors.
Last year, General Atlantic made a strategic partnership with car insurance provider ControlExpert, as the company looks to boost the development of its solution.
The global WealthTech sector saw a QoQ rise in the amount of capital deployed to the sector, while also seeing a decline in the number of deals. The third quarter saw over three-times more capital than the opening quarter, but in a quarter less deals.
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