Alkami Technology Inc

Alkami Technology reported record annual recurring revenue of $512 million, up 21% year over year, exceeding the $500 million milestone. Total revenue reached $129.8 million, a 15.9% increase, with subscription revenue growing 16.2% and representing 95% of the total. Adjusted EBITDA was $19.4 million, expanding the margin by approximately 430 basis points to 14.9%, while non-GAAP gross margin came in at 63%. Revenue per user rose 7% to $21.69, and the company repurchased $15 million of stock in the second quarter plus an additional $10 million in the third quarter to date.

Activist investor Jana Partners has accumulated an economic stake of more than 10% in Alkami Technology and is encouraging the digital banking software provider to explore a potential sale. Bloomberg reported on June 29 that Jana believes shareholder value could be enhanced through a strategic transaction, adding to speculation that Alkami may attract interest from larger technology or financial services companies. Earlier, on June 22, JPMorgan lowered its price target on Alkami to $19 from $20 while maintaining an Overweight rating, and identified the company as a particularly attractive acquisition candidate due to its leadership position in the highly consolidated digital banking software market and the growing influence of activist investors.

JPMorgan raised its price target on nCino to $17 from $16 while keeping a Neutral rating, rolling forward valuation to December 2027. The firm expressed a constructive view on banking technology, arguing that AI-defensibility concerns are overstated given vendors' entrenched workflow, data, and compliance moats. JPMorgan highlighted Alkami as a high-conviction takeout candidate amid activist pressure and noted that its top ideas operate in a consolidated duopolistic digital banking market with strong retention and paths to free cash flow expansion.

Citizens Bank, an East Tennessee community bank, is expanding its partnership with Alkami by selecting MANTL to modernize its deposit account opening process. The integration will provide a unified digital journey for retail and business customers, enabling accounts to be opened in under five minutes online or ten minutes in-branch across the bank's 14-office network. The platform automates over 85% of application decisions, including KYC, AML, and BSA compliance checks, aiming to reduce manual work and accelerate deposit growth. This builds on Citizens Bank's existing use of the Alkami digital banking platform, combining MANTL's origination technology with Alkami's service suite to create a more intuitive onboarding experience.

MANTL, an Alkami solution team, has helped financial institutions raise over $40 billion in deposits on its platform while saving more than 1 million hours across account opening workflows. The average time to open a new retail deposit account with MANTL is under five minutes, three times faster than the industry average, and the average time for a new business deposit account is approximately ten minutes, more than 23 times faster than the industry benchmark. These milestones demonstrate how modern account opening technology can accelerate deposit growth and improve operational efficiency for banks and credit unions. MANTL has released dozens of new features and enhancements in 2026, including Application Comments, Bulk Account/Share Opening, Joint Owner Applications, and Multi-Authorized Signer Applications, all designed to streamline branch operations and reduce manual work.

Alkami Technology announced an integration with Yodlee to shift data sharing services to the Financial Data Exchange application programming interface. The company said the transition will improve performance and reduce login disruptions for users accessing third-party financial applications, supporting both security and user experience. The FDX API integration is built into Alkami's digital banking platform and enables credential-free, consent-based authentication for sharing financial data between institutions and third-party services. Alkami expects the integration to make data sharing more efficient, reducing support inquiries and lowering infrastructure strain. The company provides a digital sales and service platform for community banks and credit unions.

Landmark Credit Union has grown its business banking profiles from 135 to more than 7,800 after adopting Alkami Technology's Digital Banking Platform, according to a new success story. The credit union also achieved 22% year-over-year business deposit growth and generates more than $150,000 in annual non-interest income from treasury services. Landmark CU further leveraged the Alkami Community by hosting a regional user group in Brookfield, Wisconsin, where financial institutions shared digital banking strategies and a live Gen Z student panel challenged assumptions about digital-first banking. The collaboration highlights how combining peer engagement with a purpose-built platform can accelerate commercial banking growth.

Dupaco Community Credit Union achieved a 300% increase in new retail member accounts opened online and raised $138 million in deposits using MANTL, an Alkami solution. The Iowa-based credit union more than doubled its 2025 growth goal by the end of the third quarter and saved over 4,194 staff hours by replacing a fragmented onboarding process with a unified omnichannel platform. The platform supports retail and business account types across in-branch, online, and field channels, including business and specialty accounts, IRAs, and safe deposit boxes. A top source of new deposits entering the institution were from a leading fintech, highlighting Dupaco's ability to compete with digital-first banks.