BMO‘s Technology and Innovation Banking group has provided US$37 million of debt financing to Kony, an Austin, Texas-based digital and mobile application development company.
The investment includes US$10 million of new financing.
The proceeds will be used by Kony to accelerate the growth of Kony DBX, a digital banking solutions platform, and Kony Quantum, a low-code solutions platform.
Kony secured about US$112 million prior to the BMO deal, according to Refinitiv. That includes 2014’s US$50 million round led by SoftBank Capital and Insight Venture Partners, and joined by Georgian Partners and others.
Kony Receives $37 Million in Financing From BMO
New Capital from BMO to Help Fuel Kony’s Continued Growth, Innovation, and Leadership in Digital Banking and Omnichannel Low-code Platform Solutions
July 30, 2019
AUSTIN, Texas–(BUSINESS WIRE)–Kony, Inc., the fastest-growing, cloud-based digital application and low-code platform solutions company, today announced that BMO’s Technology and Innovation Banking group has provided Kony with $37 million in debt financing, including $10 million of new financing. Kony will use the new investment to further accelerate growth of its market-leading Kony DBX digital banking and Kony Quantum low-code platforms.
“We are thrilled to build a strategic relationship with BMO,” said Thomas E. Hogan, Kony chairman and CEO. “Finding a strong and committed capital partner who understands digital is an important complement to our market-leading IP and aggressive growth agenda in both digital banking and multi-channel low-code development.”
“Companies of all sizes have come to realize the importance of leveraging digital as a strategic function. Kony’s solution has enabled their clients to accelerate their digital transformation,” said Devon Dayton, managing director, Technology & Innovation Banking, BMO Bank of Montreal. “We look forward to continuing this relationship and working alongside them to help them accelerate their growth.”
Kony DBX represents a major advancement to help banks and credit unions deliver frictionless digital experiences to customers across every point of interaction. Kony is the first vendor to provide pre-built, native and web apps along with a purpose-built digital banking platform for financial institutions. The Kony DBX platform builds on Kony’s digital expertise in multiple industries, with advanced technology solutions supported by an expansive partner network. Kony serves financial services companies around the world, including banks of all sizes, credit unions and insurance companies. Some of the new customers that recently partnered with Kony to accelerate their digital transformation include banks and credit unions located around the globe.
Kony Quantum combines the ease of use and speed of low-code application development with the power of the leading enterprise-grade digital experience development platform. Kony Quantum enables businesses to build mission-critical web and mobile solutions for both employees and consumer-facing apps on a unified platform, resulting in greater speed and productivity.
In a recent Forrester blog titled, “Why You Need To Know About Low-Code, Even If You’re Not Responsible for Software Delivery,” John Rymer, vice president, principal analyst, Forrester, stated: “Low-code development platforms are emerging as a key strategy to accelerate app delivery to support digital business transformation. And they have the potential to make software development as much as 10 times faster than traditional methods.”
Kony has been named a Leader in the Gartner Magic Quadrant for Multiexperience Development Platforms Gartner Magic Quadrant for Multiexperience Development Plaform Report. In addition, Kony has been named a “Leader” in The Forrester Wave™: Digital Experience Development Platform, Q2 2018 report and The Forrester Wave™: Low-Code Development Platforms for AD&D Professionals, Q1 2019. Kony has also been recognized as a “Leader” in the IDC MarketScape: North America Digital Banking Customer Experience Platforms 2019 Vendor Assessment Report.
About Kony, Inc.
Kony is a fast-growing leader in digital experience development platforms and the emerging low-code platform market; and a recognized leader in digital banking. Kony Quantum provides low-code without limits, a next-generation low-code app development platform that delivers rich digital experiences. Kony DBX is the banking and financial services arm of Kony, Inc. and is a globally recognized leader in digital banking transformation. With a portfolio of modern, frictionless applications powered by the industry’s most recognized platform, Kony DBX enables banks and credit unions of any size to accelerate innovation — without compromising what’s critical.
For more information, please visit www.kony.com. Connect with Kony on Twitter, Facebook, LinkedIn and Instagram.