Alkami Continues Success with Impressive Growth in the Third Quarter

The board of Alkami can point to another remarkable quarter: In the third quarter of 2024, Alkami recorded a 27% increase in revenue, exceeding expectations with revenue slightly above $85.9 million. This upswing was supported by acquiring nine new digital banking customers and the onboarding of twelve new clients onto the Alkami platform, a milestone that sets a new record for quarterly onboardings. Not least due to its innovative data and marketing products, now integrated with over 70% of new customers in 2024, Alkami has established itself as a leading platform for digital banking. In the highly competitive credit union market, Alkami was able to further expand its lead according to FI Navigator and was recognized by IDC in 2024 as a leading solution provider in the fintech sector. CNBC listed the company among the world’s best fintech firms. The company’s data portfolio is based on more than 29 million deposit accounts and 20 million new transactions daily. This serves as a strategic pillar that fuels growth and secures market share. Alkami is also the first digitally-oriented banking company to be awarded by JD Power for outstanding mobile banking services. The revenue base also shows impressive growth: Annual recurring revenue increased by 24% and now amounts to $342 million. The company plans to achieve the rule of 40 on an ongoing basis by the end of 2025 with a sustained balance of revenue growth and profitability. Although the current focus is on expanding personnel capacity through offshoring, the outlook indicates operational improvements beyond 2026, without compromising the ambitious financial goals for 2026. Despite these investments, Alkami remains committed to an ambitious course and provides insights into a long-term planned increase in its EBITA margin.