Paul, Weiss represented General Atlantic in its strategic investment in Alkami Technology Inc., a leading provider of digital banking solutions to credit unions and banks.
Alkami Technology Inc., a leading provider of digital banking solutions to credit unions and banks, announced today that General Atlantic, a leading global growth equity firm, has made a strategic investment in the company. General Atlantic will be joining existing investors S3 Ventures, Argonaut Private Equity, and a number of other strategic fintech investors in Alkami’s next stage of innovation, growth, and expansion.
Alkami provides a modern and unified digital banking platform. This solution enables the clients of banks and credit unions to experience seamless functionality across all their digital devices. The multi-tenant, cloud-based platform includes retail and business banking, mobile banking, bill pay, personal finance management (PFM), Person-to-Person payments, marketing, and more. The platform is delivered with a software development kit (SDK) and API set that provides each financial institution with flexibility and control. Alkami-enabled banks and credit unions can build their own apps and product extensions as well as easily integrate new features and functions for all lines of business, allowing them to better serve their customers in an increasingly competitive market.
Alkami has experienced market-leading growth and levels of market adoption since its founding in 2009. Alkami was recently ranked 176th overall in the 2017 Inc. 5000 Fastest Growing Companies, as well as 11th in the U.S. and 1st in Texas in the software industry overall. Additionally, Alkami was ranked 66th on Deloitte’s 2017 Fast 500 awards for the fastest growing technology companies in North America.
As a part of the strategic investment, Raph Osnoss and Gene Lockhart, a Special Advisor of General Atlantic, previously President and CEO of MasterCard Worldwide and President of the Global Retail Bank at Bank of America, will join the company’s board of directors. Gene Lockhart is also Chairman and Managing Partner of MissionOG, an early to growth stage B2B technology investor, who participated in this round alongside General Atlantic.
The Paul, Weiss team included corporate partners Matthew Abbott (Picture) and Ellen Ching and counsel Pearl Yuan-Garg; tax partners Patrick Karsnitz and Lindsay Parks; and intellectual property counsel Jonathan Ashtor.
Involved fees earner: Matthew Abbott – Paul Weiss Rifkind Wharton & Garrison; Ellen Ching – Paul Weiss Rifkind Wharton & Garrison; Pearl Yuan-Garg – Paul Weiss Rifkind Wharton & Garrison; Patrick Karsnitz – Paul Weiss Rifkind Wharton & Garrison; Lindsay Parks – Paul Weiss Rifkind Wharton & Garrison; Jonathan Ashtor – Paul Weiss Rifkind Wharton & Garrison;
Law Firms: Paul Weiss Rifkind Wharton & Garrison;
Clients: General Atlantic;