Alkami plans $3 billion IPO

Banking software provider Alkami Technology has announced it has selected Goldman Sachs to lead preparations for its planned initial public offering (IPO), which may value it at $3 billion.

The pandemic has made the need for digital banking platforms clear, however the complexity of developing these can lead smaller institutions to third party providers.

Investors are said to include General Atlantic, D1 Capital, Fidelity, and the Plano, a Texas-based firm that connects cloud-based platforms to financial institutions, according to Reuters sources.

Alkami reported annual recurring revenue of $130 million in September and claims to have 160 financial institutions as customers on its website.

Alkami last raised funding in September, taking $140 million at an unknown valuation from private investors.

Neither Goldman Sachs nor Alkami have provided comments, the sources which spoke to Reuters requested anonymity.

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