US-based banking software provider Alkami Technology has reportedly said that it aiming to raise up to $150m through a US initial public offering (IPO).

In its prospectus, the company said that it plans to sell six million shares, priced at between $22 per share and $25 per share.

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At the upper end of the range, the company could fetch a valuation of approximately $2.08bn, Reuters reported.

In February, reports first emerged that the company is looking to raise fund at valuation close to $3bn.

Launched in 2007, Alkami offers a suite of cloud-based digital banking solutions to credit unions and banks. Using its software, financial firms can offer digital banking services to their users, including retail consumers and business clients.

Currently, around 160 financial institutions use Alkami’s banking software.

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The company is backed by investors including General Atlantic, D1 Capital Partners and Fidelity Management and Research Company.

In September last year, Alkami raised $140m capital from private investor at an undisclosed valuation.  At that time, the company said that it has $130m annual recurring revenue.

According to Reuters, the banking tech company has hired Goldman Sachs, JP Morgan and Barclays as the lead underwriters for the offering.

IPO plans came at a time when the Covid-19 pandemic made digital banking necessary for financial institutions irrespective of their size.

Smaller banks with fewer resources to build digital interfaces internally are looking for third-party digital banking providers such as Alkami.