(Reuters) - Shares of Alkami Technology Inc surged 38% in their U.S. stock market debut on Wednesday, giving the U.S. banking software provider a market capitalization of $3.43 billion. Shares opened at $41.26, well above their initial public offering price (IPO) of $30. The company raised $180 million in the IPO. Alkami, which has more than 160 financial institutions using its cloud-based digital banking services, sold six million shares in the IPO. The company, which counts General Atlantic and D1 Capital among its investors, said its platform seeks to help smaller financial firms compete with large, technologically advanced U.S. banks. Alkami’s listing comes amid a surge in valuations of technology companies that enable secure, remote-working solutions for businesses. Reuters had reported earlier, citing people familiar with the matter, that the company had selected Goldman Sachs Group Inc in February for its IPO that could value it at $3 billion. Alkami served 9.7 million users in 2020, up more than 34% from a year earlier, according to a recent regulatory filing. The company’s banking software platform is delivered to its customers using Amazon Web Services (AWS) cloud technology. MeridianLink, another financial software provider backed by private-equity firm Thoma Bravo, is planning a U.S. IPO at more than $3 billion valuation including debt, Reuters reported in February, citing people with knowledge of the matter. Technology firms were among the key companies that drove the record IPO activity last year, with companies collectively raising about $167 billion through stock market floats, according to data from Dealogic. Alkami reported total revenue of $112.1 million for 2020, more than 50% growth from a year earlier. Net loss attributable to common shareholders for the same period was $56.6 million, or $11.78 per share. Goldman Sachs, JP Morgan and Barclays were the lead underwriters for the offering.