Alkami closes Series E on $55m to support development of its technology stack

Alkami Technology, a cloud-based digital banking service provider for US banks and credit unions, has netted $55m in its Series E funding.

Global growth equity firm General Atlantic led the investment and was joined by MissionOG, a B2B technology-focused growth investor. Existing backers S3 Ventures and Argonaut Private Equity also took part in the Series E.

This capital infusion brings Alkami’s total capital raised to $225m.

Alkami Technology is a digital banking solution developer which provides its services to over 130 financial institutions across the US and has more than six million registered users on the platform. The platform helps clients personalise their digital banking experiences for customers, removing all friction of the process.

The platform supports retail banking services such as accounts, transfers, bill payments, card controls, account aggregation, and rewards. Additionally, the company helps business banking services including managing payroll, wires and payments.

With the new batch of funds, Alkami will further its work innovating user experience, product features, platform architecture, and data security.

Alkami Technology CEO and director Mike Hansen said, “Our remarkable clients are another potent source of strength outperforming the market on key engagement, growth and profitability dimensions by a significant margin. Together we are creating and delivering winning digital solutions to our clients’ customers, members and businesses essential in today’s digital age.”

Last year, the WealthTech company closed a Series D round comprised of investments from S3 Ventures, Argonaut Private Equity, and other FinTech investors. The value of the deal was not disclosed but funds were used to support product innovation.

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