This post was originally published on this site is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to

There’s a startup in Texas that’s been quietly building the technology that powers mobile banking apps.

Plano-based Alkami has developed a white label service that credit unions and banks use across digital platforms.

And Alkami’s 4.5 million users have generated enough revenue for the company to justify a $70 million Series D round, led by General Atlantic. Existing investors S3 Ventures, Argonaut Private Equity and others are joining the round. This is in addition to the over $46 million the company has raised since it was founded in 2009.

Stephen Bohanon, founder of Alkami, started the business during the financial crisis when there “wasn’t a lot of innovation that was happening in the digital banking space.” Says Bohanon, there was an opportunity because “outside of the top roughly 20 banks, most everyone else relies on a third-party vendor to offer the solutions.”

Alkami has a SaaS model, charging its clients based on the number of users per month. He says the company will be using the funding to invest in innovation and sales.

Raph Osnoss, a vice president at General Atlantic, said that Alkami fits within the private equity giant’s investment strategy, which has been a long-time investor in financial technology. He said that Alkami stood out because they pioneered a “modern, mobile-first experience.” Osnoss wouldn’t confirm that Alkami is on an IPO track, but acknowledged that the team is “open-minded to longer-term alternatives for the company.”

Osnoss will be joining the board of directors. Former MasterCard Worldwide CEO Gene Lockhart will also be added to the board.

Featured Image: JaaakWorks/iStock/Getty Images

At L Technology Group, we know technology alone will not protect us from the risks associated with in cyberspace. Hackers, Nation States like Russia and China along with “Bob” in HR opening that email, are all real threats to your organization. Defending against these threats requires a new strategy that incorporates not only technology, but also intelligent personnel who, eats and breaths cybersecurity. Together with proven processes and techniques combines for an advanced next-generation security solution. Since 2008 L Technology Group has develop people, processes and technology to combat the ever changing threat landscape that businesses face day to day.

Call Toll Free (855) 999-6425 for a FREE Consultation from L Technology Group,