Alkami Technology, which provides an online banking SaaS platform to regional banks, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $250 million.
Alkami states that it enables community, regional, and super-regional financial institutions (FIs) to compete with large, technologically advanced, and well-resourced banks in the US. As of December 31, 2020, the Alkami Platform served 151 FIs, and the company delivered a net dollar revenue retention rate of 117%.
The Plano, TX-based company was founded in 2009 and booked $112 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol ALKT. Alkami Technology filed confidentially on December 14, 2020. Goldman Sachs, J.P. Morgan, and Barclays are the joint bookrunners on the deal. No pricing terms were disclosed.
