Alkami, a Plano, Texas-based developer of a white label service that credit unions and banks use across digital platforms, raised $70m in Series D funding.
The round, which brings the total amount raised to date to $116m, was led by General Atlantic, with participation from MissionOG and existing investors S3 Ventures and Argonaut Private Equity. In conjunction with the funding, Raph Osnoss, a vice president at General Atlantic, will be joining the board of directors along witj former MasterCard Worldwide CEO Gene Lockhart.
The company intends to use the funding to invest in innovation and sales.
Founded in 2009 by Stephen Bohanon and led by CEO Mike Hansen, Alkami provides a cloud-based digital banking platform that enables the clients of banks and credit unions to experience seamless functionality across all their digital devices.
The platform, which includes retail and business banking, mobile banking, bill pay, personal finance management (PFM), Person-to-Person payments, marketing, etc., is delivered with a software development kit (SDK) and API set.
Alkami-enabled banks and credit unions can build their own apps and product extensions as well as integrate new features and functions for all lines of business.
Alkami has 4.5m users.