BankTech

Alkami Technology gears up for IPO at a $2B valuation

The Texas based company is a cloud-based digital banking services provider

Alkami Technology, a cloud-based digital banking services provider, announced the launch of its preliminary prospectus for a proposed initial public offering of 6 million shares of common stock at a price expected to be between $22 and $25 per share.

The preliminary prospectus for a proposed public offering of shares would make Alkami’s valuation more than $2 billion, Finextra reports.

Goldman Sachs, JPMorgan and Barclays will be the joint lead book-running managers for the IPO, while Citigroup and William Blair will also be book-running managers. Meanwhile, JMP Securities, KeyBanc Capital Markets and Needham & Company will be co-managers.

The IPO underwriters will also have a 30-day option to buy up to 900,000 additional shares of common stock from Alkami at the IPO price, the company said in a press release. Alkami, which is based in Plano, Texas, plans to list its common stock on The Nasdaq Global Select Market. Its ticker symbol will be “ALKT.”

Alkami has more than 160 bank and credit union clients, serving almost 10 million customers, Finextra reported. Alkami has raised $385.2 million in total funding to date, according to Crunchbase. In September 2020, Alkami raised $140 million in a venture round led by investment firm D1 Capital Partners.

In other recent banking technology news, Citi has promoted Sandeep Arora as the Head of Digital and Chief Investment Officer for its Institutional Clients Group (ICG) division. Citi’s ICG division offers a variety of wholesale banking products and services and works to provide these services for corporations, financial institutions, public sector entities and others.

Also, Beam is banned from operating a mobile banking app or “any other product or service that can be used to deposit, store, or withdraw funds,” as part of a settlement with the Federal Trade Commission, according to a press release. The agreement still needs to be approved by a district court judge in San Francisco, according to CNBC.

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