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Alkami Technology, Inc. provides a cloud-based digital sales and service platform for U.S. banks and credit unions. Its unified Platform integrates onboarding, digital banking, and data and marketing tools, with services delivered primarily through SaaS subscription arrangements.
Alkami news commonly covers quarterly operating results, product and platform enhancements, customer and industry events, and research on retail, business, and commercial digital banking. Updates also include developments in AI-enabled capabilities, open-architecture tools, digital adoption analytics, account opening and onboarding, customer awards, conference participation, and capital actions such as share repurchase authorization.
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.
Alkami Technology Inc. (Nasdaq: ALKT) announced it will report its third-quarter financial results on November 4, 2021, after market close. A conference call will follow at 5:00 p.m. ET to discuss these results. Alkami is recognized as a leading provider of cloud-based digital banking solutions for U.S. financial institutions, serving over 260 clients. The company's platform focuses on enhancing the digital banking experience and mitigating fraud, positioning it favorably against larger competitors.
Alkami Technology, Inc. (Nasdaq: ALKT) announces a long-term partnership with MainStreet Bank (Nasdaq: MNSB) to enhance its digital banking services. MainStreet Bank, with $1.7 billion in assets, aims to leverage the Alkami Platform for a seamless online experience tailored to customer needs. The collaboration emphasizes Alkami's strengths in technology innovation and customizability, enabling MainStreet Bank to rapidly introduce new services. This partnership marks a significant addition to Alkami's expanding client base, highlighting its position in the digital banking solutions market.
Alkami Technology Inc. (Nasdaq: ALKT) released a report titled "Digital Banking Market Pulse: The Increasing Importance of User Experience (UX)" based on a survey of 795 digital banking customers and 150 financial institutions. Key findings indicate that user experience is crucial for customer satisfaction, with over 80% prioritizing a quality online banking experience. However, only 40% of consumers feel their financial institutions understand their needs, highlighting a gap between expectations and delivery. The report emphasizes the need for financial institutions to align their services with evolving consumer demands.
Alkami Technology has partnered with BioCatch, a leader in behavioral biometrics, enhancing fraud protection for its bank and credit union clients. This collaboration enables Alkami's clients to use BioCatch's technology to differentiate between genuine users and fraudsters, thus improving security during digital transactions. With over 50 major financial institutions using BioCatch, this integration is set to offer a seamless user experience while safeguarding customer assets. Alkami’s Gold Partner Program supports this initiative, fostering valuable fintech connections.
Alkami Technology, Inc. (Nasdaq: ALKT) has acquired MK Decisioning Systems, LLC for a total of $20 million upfront and up to an additional $25 million based on performance milestones. This acquisition expands Alkami's digital banking offerings, enhancing its capabilities in digital account opening and loan origination. The integration aims to boost cross-selling opportunities among a broader client base, with all MK employees retained. Alkami anticipates the acquisition will have an immaterial impact on its Q3 2021 financial results.
Alkami Technology Inc. (Nasdaq: ALKT) announced its 2021 Virtual Client Conference scheduled for September 14, aiming to address key issues in digital banking. CEO Mike Hansen highlighted the need for financial institutions to adapt in a rapidly changing landscape. The conference will feature interactive sessions, networking opportunities, and insights from industry leaders. A primary research report on user experience in digital banking will be unveiled, indicating that over 80% of consumers prioritize quality online banking. Alkami serves more than 260 financial institutions with a focus on digital transformation.
Alkami Technology reported strong Q2 2021 results with GAAP revenues of $36.7 million, up 38% year-over-year. Gross margin expanded significantly to 55.9%, while the net loss increased to ($11.4) million. The company added over 740,000 digital banking users, achieving a total of 10.7 million users and annual recurring revenue of $144.7 million with revenue per user at $13.48. Alkami's focus on innovation and market expansion positions it for future growth.
Alkami Technology, Inc. (Nasdaq: ALKT), a provider of cloud-based digital banking solutions, announced participation in two upcoming investor conferences. The KeyBanc Capital Markets Future of Technology Series will feature CEO Mike Hansen, CFO Bryan Hill, and VP Rhett Butler on August 10, 2021. Additionally, on August 18, 2021, Hill and Butler will engage in one-on-one meetings at the Needham & Company 3rd Annual Virtual FinTech & Digital Transformation Conference. A webcast of the KeyBanc presentation will be available on the Alkami investor relations page.