US-based digital banking platform developer Alkami Technology has filed to raise $100m in an initial public offering which could enable financial services and investment group Fidelity to exit.
Alkami has built a software platform 9.7 million registered users that helps banks and credit unions add digital banking services to their offering.
The company reported just over $112m of revenue for 2020, comfortably higher than the $73.5m generated the year before, though its net losses rose from $41.9m to $51.4m, losses attributed to significant investment in sales, marketing and product development.
Alkami received $140m in a September 2020 round led by D1 Capital Partners that also featured Fidelity, Franklin Templeton and Stockbridge Investors. It closed a $55m series E round in mid-2019 that was led by General Atlantic with participation from MissionOG, S3 Ventures and Argonaut Private Equity.
General Atlantic also led a $70m series D round for Alkami in 2018. investing alongside the other series E backers in addition to S3 Ventures and Argonaut Private Equity.
A regulatory filing shows the company raised $11m from three undisclosed investors in 2015. It also collected $9m from undisclosed shareholders in March 2014 and $23m nine months later, according to two other filings.
General Atlantic is the largest non-executive shareholder in Alkami, with a 24.1% stake, followed by S3 Ventures (23.9%), Argonaut Private Equity (16.2%) and D1 Capital Partners (5.6%).
Goldman Sachs, JP Morgan and Barclays are serving as underwriters for the offering, which is set to take place on on the Nasdaq Global Select Market.