The Bank of Montreal (BMO) has provided US$37mn of debt financing to Kony, a US-based technology company active in digital banking.
$10mn of the financing announced by Kony was new. Kony said in its July 30 press release that it would use the investment to grow its 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.”
Kony DBX facilitates banking and financial services digital experiences for customers of financial institutions, while Kony Quantum offers a unified platform for employee and consumer facing applications.
“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.”