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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) reported Q4 and full-year 2021 results, highlighting a 27% year-over-year revenue increase to $42.4 million for Q4 and a 36% increase to $152.2 million for the full year. GAAP gross margins were 55%, slightly down from the previous year, with net losses of $13.3 million for Q4 and $46.8 million for the full year. Notably, Alkami added 2.7 million digital banking users in 2021, reaching 12.4 million total users. The company expects to enhance its business banking portfolio and invest in sales and marketing to drive growth.
Alkami Technology, Inc. (Nasdaq: ALKT) has partnered with Texans Credit Union to enhance its digital banking services. Texans will implement the Alkami Platform to provide a richer and more personalized banking experience for over 113,000 members. The platform's software development kit and open APIs allow Texans to develop custom digital banking solutions, including a streamlined online loan application process. CEO Alex Shootman emphasized Alkami's commitment to supporting Texans' growth and improving their member services.
Alkami Technology, Inc. (Nasdaq: ALKT) will announce its fourth-quarter financial results for the period ending December 31, 2021, on February 23, 2022, after market close. The company will also host a conference call to discuss these results at 5:00 p.m. ET on the same day. Investors can access the live webcast on Alkami's investor relations website. Alkami provides cloud-based digital banking solutions to over 280 financial institutions in the U.S., focusing on innovative technology to enhance customer experiences.
Alkami Technology (Nasdaq: ALKT) announced that First Community Bank will implement its Credit Card Origination System (CCOS) to enhance their online credit card application process. The new system aims to streamline and expedite the application, improving customer experience and underwriting efficiency. First Community Bank emphasized that Alkami's relationship with ICBA Bancard played a significant role in their decision. Alkami's CEO highlighted the integration benefits of CCOS, aiming for a seamless user-friendly digital banking experience.
Alkami Technology Inc. (Nasdaq: ALKT) has launched Alkami Activate, a new marketing service aimed at enhancing digital banking engagement for U.S. banks and credit unions. This service offers a library of branded instructional videos, targeted propensity lists for personalized recommendations, and benchmarking capabilities to measure campaign effectiveness. Key quotes from industry leaders highlight the importance of this service in improving user experiences and increasing product penetration. Alkami continues to position itself as a leader in cloud-based digital banking solutions.
Alkami Technology Inc. (Nasdaq: ALKT) announced the release of a new research report titled 'Digital Banking Market Pulse: Big Tech's influence on digital banking' on Jan. 26, 2022. The report, based on a survey of 795 U.S. consumers, highlights the growing expectation for advanced digital experiences similar to those offered by Big Tech. Key findings reveal that nearly 40% of consumers view future banks as technology companies, Baby Boomers desire engaging digital experiences, and one-third might switch to major tech brands for banking services. Alkami emphasizes the need for financial institutions to modernize their digital platforms.
Alkami Technology Inc. (NASDAQ: ALKT) has announced a partnership with Idaho Central Credit Union (ICCU) to implement bitcoin services via the NYDIG platform. This integration allows ICCU members to buy, sell, and manage bitcoin within their mobile app and online banking platform. ICCU, recognized as Idaho's fastest-growing credit union, aims to enhance member experience and adapt to the digital banking landscape. The Alkami platform offers a secure, modular solution that meets regulatory standards for financial institutions.
Alkami Technology, Inc. has appointed Alex Shootman as its new Chief Executive Officer, effective November 5, 2021. Shootman, who previously doubled revenue at Workfront, succeeds Mike Hansen, who will remain in an advisory role. Under Hansen's leadership, Alkami's value significantly increased, culminating in its IPO on Nasdaq earlier this year. Shootman aims to leverage his 20 years of executive experience to accelerate growth and innovation in digital banking solutions at Alkami, which serves over 280 financial institutions across the U.S.
Alkami Technology, a cloud-based digital banking solutions provider, reported its Q3 2021 results with total revenue of $39.8 million, representing a 37% year-over-year increase. The GAAP gross margin improved to 56.3%, up 390 basis points from the previous year, while the GAAP net loss narrowed to ($11.2) million. Alkami highlighted significant growth by acquiring MK Decision, expanding its addressable market by $2.5 billion, and securing six new digital banking clients. The platform now supports 11.4 million digital banking users, generating annual recurring revenue of $155 million.
Alkami Technology Inc. (Nasdaq: ALKT) has partnered with STAR Financial Bank to launch bitcoin trading services for its customers in Indiana. This innovative service allows clients to buy, sell, and manage bitcoin through STAR Bank's mobile app, utilizing NYDIG's platform for secure transactions. This integration aims to enhance customer experience and provides STAR Bank a competitive edge in digital banking, offering new opportunities for non-interest income and customer retention. Alkami's platform supports over 260 financial institutions, emphasizing its role in the evolving digital banking landscape.
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