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Alkami Technology, Inc. (Nasdaq: ALKT) is a leading cloud-based digital banking solutions provider headquartered in Plano, Texas. The company offers cutting-edge online and mobile banking solutions designed to serve credit unions and banks. Its flagship product, the Alkami Platform, known as the ORB Platform, provides financial institutions with a future-proof digital banking experience characterized by unmatched security, flexibility, extensibility, and superior architecture.
The ORB Platform stands out for its modern user interface, intelligent content delivery system, and customizable features. It enables financial institutions to efficiently onboard and engage users, accelerate revenue streams, and enhance operational efficiency through a true cloud-based, multi-tenant architecture.
Alkami's recent collaboration with Greylock Federal Credit Union exemplifies its commitment to digital transformation. This partnership has empowered Greylock Federal to enhance its retail, business, and mobile banking offerings while providing an intuitive and seamless user experience. Additionally, the new Digital Sales & Service Maturity Model Assessment launched by Alkami allows banks and credit unions to measure and improve their digital maturity.
On the financial front, Alkami has showcased robust performance with a notable increase in revenue and user base. In Q1 2024, the company reported GAAP total revenue of $76.1 million and a significant rise in digital banking users, with 18.1 million live registered users.
Moreover, Alkami's innovative partnerships, like the one with SWIVEL, have further enhanced its product offerings. This collaboration introduced advanced loan payment capabilities, providing greater choice, speed, and flexibility to account holders.
Alkami's focus is not only on current solutions but also on the future of banking technology. The introduction of the SDK Wizard “Merlin” at the 2024 Alkami Co:lab conference underscores its commitment to technological advancements, offering developers a streamlined environment to create custom digital banking functionalities.
As a recognized leader in the industry, Alkami continues to support financial institutions in their digital transformation journey, helping them stay competitive and deliver superior digital banking experiences to their account holders.
Alkami Technology, Inc. (NASDAQ: ALKT) has announced a partnership with Array, a financial innovation platform, to enhance its digital banking solutions. This collaboration will enable Alkami to offer Array's products, including My Credit Manager and ID Protect, to its clients, aiming to improve user engagement and revenue for banks and credit unions. Alkami's platform provides comprehensive digital solutions for user onboarding and account servicing, while Array focuses on financial literacy and credit management, promoting safer banking experiences for account holders.
Alkami Technology, Inc. (Nasdaq: ALKT) announced a new research report titled 2022 Digital Banking Performance Metrics, developed with Cornerstone Advisors. This report analyzes 66 financial institutions to provide a framework for measuring digital performance, revealing the 11 hallmarks of high-performing institutions. Key segments include five critical business metrics and emerging digital metrics outlining successful strategies for banks and credit unions. The study seeks to aid financial executives in optimizing their digital investments.
Alkami Technology, a top cloud-based digital banking solutions provider, will present at key investor conferences. CEO Alex Shootman and CFO Bryan Hill will represent the company at the J.P. Morgan 50th Annual Global Technology, Media and Communications Conference on May 23, 2022, and the William Blair 42nd Annual Growth Stock Conference on June 9, 2022. Webcasts of the events will be available on Alkami's investor relations site. Alkami focuses on helping U.S. financial institutions enhance their digital banking capabilities.
Alkami Technology, Inc. (Nasdaq: ALKT) released a research report highlighting the evolving relationships between financial institutions (FIs) and small businesses (SMBs) post-COVID-19. The report, based on a survey of 400 SMBs, indicates that 53% prioritize technological investments, presenting growth opportunities for FIs. Key insights reveal that the primary financial institution (PFI) relationship is central to SMBs, with many believing future financial services will be offered by traditional banks rather than tech companies. These findings suggest potential for deeper financial relationships as SMBs recover.
Alkami Technology, Inc. (Nasdaq: ALKT) reported a strong first quarter for 2022, with total revenue of $44.8 million, a 35% increase year-over-year. The GAAP gross margin improved to 55%, while non-GAAP gross margin rose to 58%. Although the GAAP net loss widened to ($13.4) million, the adjusted EBITDA loss decreased to ($3.6) million. Alkami ended the quarter with 12.8 million digital banking users, a 28% increase, and achieved $177 million in Annual Recurring Revenue, up 32% from last year.
Alkami Technology, Inc. (Nasdaq: ALKT) will report its first-quarter financial results for the period ending March 31, 2022, on May 5, 2022, after market close. A conference call will follow at 5:00 p.m. ET to discuss the results. Investors can access a live webcast on Alkami's investor relations website. The company provides cloud-based digital banking solutions to U.S. banks and credit unions, helping them grow and adapt in the digital landscape.
Alkami Technology (Nasdaq: ALKT) announces that ORNL Federal Credit Union is implementing the Alkami Platform to enhance its digital banking services. This collaboration aligns with Alkami's strategy to focus on retail and business banking through innovative solutions. The credit union's digital channel has seen a 24.2% increase over two years, contributing to a 57% active participation rate among members. Alkami's CEO highlighted ORNL FCU's leadership in the sector, while the credit union aims to provide advanced services like online loan applications and Bitcoin transactions, further solidifying its digital-first approach.
Alkami Technology, Inc. (Nasdaq: ALKT) announced that Mascoma Bank has selected its digital banking platform for a comprehensive technology overhaul. This partnership with Thought Machine aims to enhance Mascoma's growth and serves as a model for other community banks. The integration will allow for swift market entry and customization via a modern API architecture. Mascoma's leadership emphasizes a digital-first approach to improve customer experience and operational efficiency, marking a significant step in community banking's digital transformation.
Alkami Technology, Inc. (Nasdaq: ALKT) has announced its acquisition of Segmint Inc. for $135.5 million. This strategic move aims to enhance digital banking capabilities for financial institutions (FIs) by merging data insights with Alkami's solutions. The acquisition is projected to expand Alkami's total addressable market by approximately $1 billion and unlock new revenue opportunities. Segmint serves 147 FIs with around 15 million account holders and is expected to contribute $7.0 million in revenue for 2022.
Alkami Technology (Nasdaq: ALKT) announced its annual conference, Co:lab 2022, scheduled for April 25-27, 2022, in Grapevine, TX. The event aims to address digital banking trends and foster collaboration among financial institutions. Keynote speakers include Jason Dorsey, Ron Shevlin, and Brett King, who will share insights into generational engagement, revenue priorities, and fintech innovations. The conference will also feature breakout sessions on topics like bitcoin and digital account opening. Alkami aims to shape the future of digital banking through this collaborative forum.
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