Alkami Technology goes public

Alkami Technology will IPO on the NYSE on April 14 under the ticker ALKT. Founded in 2009, the company provides more than 150 financial institutions and banks with a complete digital banking solution, ready to facilitate the customisation, interaction and account maintenance of 9.7 million bank customers. The offering will be valued at $150 million.

The platform provides a personalised and seamless digital experience through user interaction points, including mobile, chat and SMS. The company has implemented eight categories of financial products, including 26 products and 220 integrations, as of December 31, 2020. Scalability is ensured through 220 real-time integrations with back-office systems and third-party fintech solutions.

Target market among banks with total assets of $15 trillion and a target addressable market of $6 billion. FI Navigator estimates that there are over 350 million digital banking user accounts in the US and, according to a survey by the American Bankers Association, 70% of consumers use a mobile device to manage their bank account each month.

Over the past two years, Alkami's business has grown at a 53-52% growth rate in cash terms. Revenue in 2020 was $112m compared to $48m in 2018. EBIT margins improved from -87% to -31% between 2018 and 2020. The company has a liquidity position of $166m.

Alkami plans to float 6m shares at a price in the range of $22-25 per share.