Alkami Technology (ALKT) 10-Q 12 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-40321
Entity Registrant Name	ALKAMI TECHNOLOGY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3060776
Entity Address, Address Line One	5601 Granite Parkway,
Entity Address, Address Line Two	Suite 120
Entity Address, City or Town	Plano,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75204
City Area Code	877
Local Phone Number	725-5264
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	ALKT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		85,936,693
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001529274
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 162,075	$ 166,790
Accounts receivable, net	14,614	14,103
Deferred implementation costs, current	5,063	4,745
Prepaid expenses and other current assets	9,742	7,598
Total current assets	191,494	193,236
Property and equipment, net	10,308	10,461
Deferred implementation costs, net of current portion	15,096	14,858
Intangibles, net	8,057	8,266
Goodwill	16,542	16,218
Other assets	6,522	6,127
Total assets	248,019	249,166
Current liabilities
Current portion of long-term debt	625	313
Accounts payable	4,725	360
Accrued liabilities	16,125	13,099
Deferred rent and tenant allowance, current	661	596
Deferred revenues, current portion	6,715	6,116
Total current liabilities	28,851	20,484
Long-term debt, net	24,267	24,566
Warrant liability	4,336	2,692
Deferred revenues, net of current portion	13,835	14,424
Deferred rent and tenant allowance, net of current portion	5,726	5,867
Other non-current liabilities	1,393	1,393
Total liabilities	78,408	69,426
Commitments and contingencies (Note 13)
Redeemable convertible preferred stock, $0.001 par, 72,799,602 shares authorized and 72,225,916 and 72,225,916 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	443,540	443,263
Stockholders’ Equity (Deficit)
Common stock, $0.001 par, 101,671,156 shares authorized and 6,755,179 and 4,909,529 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	7	5
Additional paid-in capital	3,974	0
Accumulated deficit	(277,910)	(263,528)
Total stockholders’ equity (deficit)	(273,929)	(263,523)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	$ 248,019	$ 249,166

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Redeemable convertible preferred stock, authorized (in shares)	72,799,602	72,799,602
Redeemable convertible preferred stock, issued (in shares)	72,225,916	72,225,916
Redeemable convertible preferred stock, outstanding (in shares)	72,225,916	72,225,916
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	101,671,156	101,671,156
Common stock, shares issued	6,755,179	4,909,529
Common stock, shares outstanding	6,755,179	4,909,529

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenues	$ 33,262	$ 23,210
Cost of revenues	15,497	11,902
Gross profit	17,765	11,308
Research and development	10,913	9,689
Sales and marketing	5,406	4,640
General and administrative	10,385	7,158
Total operating expenses	26,704	21,487
Loss from operations	(8,939)	(10,179)
Interest income	14	29
Interest expense	(310)	(104)
Loss on financial instruments	(1,644)	(1)
Loss before income taxes	(10,879)	(10,255)
Provision for income taxes	0	0
Net loss	(10,879)	(10,255)
Less: cumulative dividends and adjustments to redeemable convertible preferred stock	(277)	(277)
Net loss attributable to common stockholders	(11,156)	(10,532)
Net loss attributable to common stockholders	$ (11,156)	$ (10,532)
Net loss per share attributable to common stockholders:
Net loss per share attributable to common stockholders - basic (in dollars per share)	$ (2)	$ (2.31)
Net loss per share attributable to common stockholders - diluted (in dollars per share)	$ (2)	$ (2.31)
Weighted average number of shares of common stock outstanding:
Weighted average number of common shares outstanding - basic (in shares)	5,584,182	4,569,020
Weighted average number of common shares outstanding - diluted (in shares)	5,584,182	4,569,020

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2019	54,290,383
Beginning balance at Dec. 31, 2019	$ 210,033
Increase (Decrease) in Temporary Equity [Roll Forward]
Cumulative dividends and adjustments to redeemable convertible preferred stock	$ 277
Ending balance (in shares) at Mar. 31, 2020	54,290,383
Ending balance at Mar. 31, 2020	$ 210,310
Beginning balance (in shares) at Dec. 31, 2019		4,537,955
Beginning balance at Dec. 31, 2019	(195,390)	$ 5	$ 335	$ (195,730)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	459		459
Exercised stock options (in shares)		71,360
Exercised stock options	52		52
Cumulative dividends and adjustments to redeemable convertible preferred stock	(277)		(277)
Net loss	(10,255)			(10,255)
Ending balance (in shares) at Mar. 31, 2020		4,609,315
Ending balance at Mar. 31, 2020	$ (205,411)	$ 5	569	(205,985)
Beginning balance (in shares) at Dec. 31, 2020	72,225,916
Beginning balance at Dec. 31, 2020	$ 443,263
Increase (Decrease) in Temporary Equity [Roll Forward]
Cumulative dividends and adjustments to redeemable convertible preferred stock	$ 277
Ending balance (in shares) at Mar. 31, 2021	72,225,916
Ending balance at Mar. 31, 2021	$ 443,540
Beginning balance (in shares) at Dec. 31, 2020		4,909,529
Beginning balance at Dec. 31, 2020	(263,523)	$ 5	0	(263,528)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,418		1,418
Exercised stock options (in shares)		2,064,567
Exercised stock options	2,829	$ 2	2,827
Cumulative dividends and adjustments to redeemable convertible preferred stock	(277)		(277)
Repurchase of common stock (in shares)		(218,917)
Repurchase of common stock	(3,497)		6	(3,503)
Net loss	(10,879)			(10,879)
Ending balance (in shares) at Mar. 31, 2021		6,755,179
Ending balance at Mar. 31, 2021	$ (273,929)	$ 7	$ 3,974	$ (277,910)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (10,879)	$ (10,255)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	786	652
Stock-based compensation expense	1,418	459
Amortization of debt issuance costs	13	19
Loss on financial instruments	1,644	1
Changes in operating assets and liabilities:
Accounts receivable	(512)	(1,246)
Prepaid expenses and other current assets	(1,207)	(1,675)
Accounts payable and accrued liabilities	7,382	(2,351)
Deferred implementation costs	(556)	(787)
Deferred rent and tenant allowances	(76)	(42)
Deferred revenues	35	435
Net cash used in operating activities	(1,952)	(14,790)
Cash flows from investing activities:
Purchases of property and equipment	(180)	(1,195)
Capitalized software development costs	(244)	0
Acquisition of business	(326)	0
Net cash used in investing activities	(750)	(1,195)
Cash flows from financing activities:
Borrowings on line of credit	0	13,000
Proceeds from stock option exercises	2,829	52
Deferred IPO issuance costs paid	(1,345)	0
Payments on capital lease obligations	0	(11)
Repurchase of common stock	(3,497)	0
Net cash (used in) provided by financing activities	(2,013)	13,041
Net decrease in cash and cash equivalents	(4,715)	(2,944)
Cash and cash equivalents and restricted cash, beginning of period	171,663	11,982
Cash and cash equivalents and restricted cash, end of period	166,948	9,038
Supplemental disclosure of noncash financing activities
Deferred IPO offering costs not yet paid	$ 2,122	$ 0

Organization

Organization	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Description of Business Alkami Technology, Inc. (the “Company”) is a cloud-based digital banking solutions provider. The Company inspires and empowers community, regional and super-regional financial institutions (“FIs”) to compete with large, technologically advanced and well-resourced banks in the United States. The Company’s solution, the Alkami Platform, allows FIs to onboard and engage new users, accelerate revenues and meaningfully improve operational efficiency, all with the support of a proprietary, true cloud-based, multi-tenant architecture. The Company cultivates deep relationships with its clients through long-term, subscription based contractual arrangements, aligning its growth with its clients’ success and generating an attractive unit economic model. The Company was incorporated in Delaware in August 2011, and its principal offices are located in Plano, Texas. Initial Public Offering On April 13, 2021, the Company's registration statement relating to the initial public offering ("IPO") of its common stock was declared effective by the Securities and Exchange Commission ("SEC"). In connection with the IPO, the Company issued and sold 6,900,000 shares of common stock (including 900,000 shares issued pursuant to the exercise in full of the underwriters' option to purchase additional shares) at a public offering price of $30.00 per share for net proceeds of $192.8 million, after deducting underwriters' discounts and commissions (excluding other IPO costs as of April 13, 2021). Prior to the IPO, deferred offering costs, which consist of legal, accounting, consulting and other direct fees and costs relating to the IPO, were capitalized in prepaid expenses and other current assets. Expected expenses incurred by the Company for the IPO were approximately $5.2 million as of the effectiveness of the registration statement and will be recorded against stockholders’ equity. In addition, effective upon the closing of the IPO, the Company's certificate of incorporation was amended and restated such that the total number of shares of common stock authorized to be issued was increased to 500,000,000 shares and the total number of shares of preferred stock authorized to be issued was reduced to 10,000,000 shares. Immediately prior to the effectiveness of the Company’s registration statement: • the Company’s outstanding shares of redeemable convertible preferred stock converted into an aggregate of 72,225,916 shares of common stock; • all of the Company’s outstanding warrants exercisable for shares of redeemable convertible preferred stock converted into warrants exercisable for 212,408 shares of common stock (warrants are currently classified as liabilities and marked to market at the end of each reporting period, the warrants will be classified as equity immediately prior to the effectiveness of the Company’s registration statement); • the Company reserved 12,131,846 shares of common stock for issuance pursuant to future awards under the Company’s 2021 Incentive Award Plan; • the Company granted restricted stock units covering 192,000 shares of common stock; • the Company granted options to purchase 101,775 shares of common stock at an exercise price equal to $30.00, the IPO price set forth on the final prospectus (the “Prospectus”) filed with the SEC on April 15, 2021 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended; and • the Company reserved 2,205,790 shares of common stock for future issuance under the ESPP.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying financial statements reflect the application of significant accounting policies as described below. Basis of Presentation and Consolidation The interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All intercompany accounts and transactions are eliminated. In the Company's opinion, the accompanying interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting of normal, recurring adjustments, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Certain information and disclosures normally included in the notes to the annual consolidated financial statements prepared in accordance with GAAP have been omitted from these interim unaudited condensed consolidated financial statements pursuant to the rules and regulations of the SEC. Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the accompanying notes for the fiscal year ended December 31, 2020, which are included in the Prospectus. Operating results for the three months ended March 31, 2021 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2021. The Company has no sources of other comprehensive income, and accordingly, net loss presented each period is the same as comprehensive loss. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions include determining the timing and amount of revenue recognition, recoverability and amortization period related to costs to obtain and fulfill contracts, valuation of the Company’s stock options, and warrants. Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash, restricted cash and cash equivalents, accounts receivable, accounts payable, long-term debt and stock warrants. The carrying values of cash, restricted cash and cash equivalents, accounts receivable, and accounts payable approximate their respective fair values due to the short-term nature of these instruments. The carrying value of long-term debt approximates its fair value due to the variable interest rate. Cash equivalents include amounts held in money market accounts that are measured at fair value using observable market prices. Warrant liabilities are valued using the Black-Scholes option pricing method and are presented at estimated fair value at the end of the reporting period. The assumptions used in preparing the Black-Scholes option pricing calculation include weighted average grant date fair value, volatility, risk-free interest rate, dividends, weighted average expected life in years and estimated forfeiture. Changes in the fair value of warrant liabilities are recognized as a gain or loss within non-operating income (expense). The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2. Significant other inputs that are directly or indirectly observable in the marketplace. Level 3. Significant unobservable inputs which are supported by little or no market activity. The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following table summarizes the Company’s financial assets measured at fair value as of March 31, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation: Fair Value at Reporting Date Using (In thousands) March 31, 2021 Level 1 Level 2 Level 3 Assets: Money Market Accounts $ 150,346 $ 150,346 $ — $ — Total Assets $ 150,346 $ 150,346 $ — $ — Liabilities: Warrant Liabilities $ (4,336) $ — $ — $ (4,336) Total Liabilities $ (4,336) $ — $ — $ (4,336) Fair Value at Reporting Date Using (In thousands) December 31, 2020 Level 1 Level 2 Level 3 Assets: Money Market Accounts $ 143,277 $ 143,277 $ — $ — Total Assets $ 143,277 $ 143,277 $ — $ — Liabilities: Warrant Liabilities $ (2,692) $ — $ — $ (2,692) Total Liabilities $ (2,692) $ — $ — $ (2,692) The reconciliations of the beginning and ending balances during the three months ended March 31, 2021 for Level 3 assets and liabilities are as follows (in thousands): Asset and liability categories Beginning Level 3 Fair Value at January 1, 2021 Fair value adjustment Ending Level 3 Fair Value at March 31, 2021 Warrant Liabilities $ (2,692) $ (1,644) $ (4,336) Restricted Cash The Company defines restricted cash as cash that is legally restricted as to withdrawal or usage. The amount included in restricted cash on the Condensed Consolidated Balance Sheet at March 31, 2021 and December 31, 2020 represents the additional cash proceeds in deposit with an escrow agent for satisfaction of contingent consideration related to the acquisition of ACH Alert, LLC (“ACH Alert”). See Note 3 for further information. March 31, December 31, (in thousands) 2021 2020 Cash and cash equivalents $ 162,075 $ 166,790 Restricted cash included in Other assets 4,873 4,873 Total cash and cash equivalents and restricted cash shown in statements of cash flows $ 166,948 $ 171,663 Capitalized Software Development Costs Software development costs relate primarily to software coding, systems interfaces, and testing of the Company’s proprietary systems and are accounted for in accordance with ASC 350-40, Internal Use Software. Internal software development costs are capitalized from the time the internal use software is in the application development stage until the software is ready for use. Business analysis, system evaluation, and software maintenance costs are expensed as incurred. The capitalized software development costs are reported in property and equipment, net in the condensed consolidated balance sheets. The Company had $0.2 million in capitalized internal software development costs as of March 31, 2021 and none as of December 31, 2020. Capitalized software development costs are amortized using the straight-line method over the estimated useful life of the software, generally three Contract Balances Client contracts under which revenues have been recognized while the Company is not yet able to invoice results in contract assets. Generally, contract assets arise as a result of reallocating revenues when discounts are weighted more heavily in the early years of a multi-year contract or the client contract has substantive minimum fees that escalate over the term of the contract. Contract assets totaled $0.8 million and $0.8 million as of March 31, 2021 and December 31, 2020, respectively, which are included in other assets in the accompanying condensed consolidated balance sheets. Contract liabilities are comprised of billings or payments received from the Company’s clients in advance of performance under the contract and are represented in deferred revenues in the consolidated balance sheets. Stock-Based Compensation Stock options are accounted for using the grant date fair value method. Under this method, stock-based compensation expense is measured by the estimated fair value of the granted stock options at the date of grant using the Black-Scholes option pricing model and recognized over the vesting period with a corresponding increase to additional paid-in capital. Determining the fair value of stock-based awards at the grant date requires significant judgement. The determination of the grant date fair value of stock-based awards using the Black-Scholes option-pricing model is affected, for periods prior to the Company’s IPO, by the Company’s estimated common stock fair value as well as other subjective assumptions including the volatility, risk-free interest rate, dividends, weighted average expected life and estimated forfeiture rate. The assumptions used in the Company’s option-pricing model represent management’s best estimates. These assumptions and estimates are as follows: Fair Value of Common Stock. Given the absence of an active market for the Company’s shares of common stock prior to its IPO, the fair value of the shares of common stock underlying the Company’s stock options was determined by the Company’s board of directors (the “Board”). The Board intends all options to be exercisable at the fair value of its shares of common stock on the grant date. Such estimates will not be necessary in future periods because the underlying shares began trading after the IPO. The assumptions used in the valuation models were based on future expectations and management judgment. The Company used three methods to determine fair value of its common stock as follows: • Discounted Cash Flow Method : the value of the business is estimated on the basis of forecasted cash flows, discounted to present value using an appropriate risk-adjusted discount rate. • Guideline Public Company Method : the value of the business is estimated through the application of multiples observed for public companies engaged in businesses and/or industries that are considered comparable to the Company. • Recent Transactions Method : the value of the business is estimated through the application of multiples observed for M&A transactions involving target companies engaged in businesses and/or industries that are considered comparable to the Company. To allocate the aggregate equity value of the Company to the various equity interests present, the Company has historically (until September 2020) utilized the Option Pricing Method (“OPM”). The OPM values each equity class by creating a series of call options on the equity value, with exercise prices based on the liquidation preferences and conversion terms. Beginning in September 2020, the Company began applying the hybrid method, which combines elements of the OPM and the probability-weighted expected return method (“PWERM”) to determine the value of its shares of common stock. The Company made this change as greater clarity developed regarding a possible IPO or other liquidity event. Under the PWERM, the value of the Company’s shares of common stock is estimated based on the analysis of future values for the enterprise assuming various possible future events, such as an IPO. The future value was discounted to its present value using an appropriate risk-adjusted rate based on the Company’s stage of development. Additionally, the Company applied a discount for lack of marketability. The allocation to each share class is based upon the Black-Scholes options pricing model. Under the hybrid method, the per share values calculated under each exit scenario are probability-weighted to determine the fair value of its shares of common stock. • Volatility: As the Company does not have trading history for its common stock, the selected volatility used is representative of expected future volatility. The Company bases expected future volatility on the historical and implied volatility of comparable publicly traded companies over a similar expected term. • Risk-Free Interest Rate: The Company bases the risk-free interest rate on the rate for a U.S. Treasury zero-coupon issue with a term that closely approximates the expected life of the option grant at the date nearest the option grant date. • Dividends. The Company has never declared or paid any cash dividends and does not presently intend to pay cash dividends in the foreseeable future, other than the aggregate accumulated dividends payable to holders of the Company’s Series B redeemable convertible preferred stock. As a result, the Company used a dividends assumption of zero. • Weighted Average Expected Life in Years: The expected term of employee stock options reflects the period for which the Company believes the option will remain outstanding. To determine the expected term, the Company applies the simplified approach in which the expected term of an award is presumed to be the mid-point between the vesting date and the expiration date of the award. • Estimated Forfeiture Rate . The Company’s forfeiture rate is based on an analysis of its actual forfeitures. The Company will continue to evaluate the appropriateness of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover and other factors. Preliminary Offering Price and Options Granted Subsequent to December 31, 2020. During February 2021, the Company granted stock options to purchase shares of its common stock. In light of the difference between the fair value for a share of the Company’s common stock used for stock options granted in February 2021 and the initial price range of the Company’s IPO, the Company established the fair value of these grants based on a straight-line interpolation from its December 31, 2020 valuation and the mid-point of its initial price range in order to determine the appropriate stock-based compensation expense for financial reporting purposes. Concentrations of Credit Risk Significant concentrations of credit risk arise from the Company’s revenues and accounts receivable. Management believes that its contract acceptance, billing, and collection policies are adequate to minimize potential credit risk. No client represented more than 10% of revenue for the three months ended March 31, 2021 and 2020. As of March 31, 2021 and December 31, 2020, no client represented more than 10% of accounts receivable. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842),” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the consolidated balance sheets and disclosing key information about leasing arrangements. The standard is effective for non-public entities for fiscal years beginning after December 15, 2020, and interim periods for the fiscal year beginning after December 15, 2021, and early application is permitted. The Company anticipates that the adoption of Topic 842 will impact its consolidated balance sheets as most of its operating lease commitments will be subject to the new standard and recognized as right-of-use assets and corresponding operating lease liabilities upon the adoption of ASU 2016-02. The Company expects to adopt the standard in fiscal year 2021 using the modified retrospective transition approach and interim periods beginning 2022. The Company continues to evaluate quantitative impacts that the adoption of this standard will have. The Company expects total assets and liabilities reported will increase relative to such amounts prior to adoption. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326),” which modifies the measurement of expected credit losses of certain financial instruments with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The effective date for adoption of the new standard was delayed until calendar years beginning after December 15, 2021, with early adoption permitted. This ASU is not expected to have a material impact on the Company’s financial statements.

Business Combination

Business Combination	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Business Combination	Business Combination On October 4, 2020, the Company announced the acquisition of substantially all of the assets of ACH Alert for approximately $25 million in cash consideration. The integrated set of assets and activities acquired from ACH Alert through the acquisition meet the definition of a business under ASC 805, as updated by ASU 2017-01. A term loan of $25.0 million (“Term Loan”) was borrowed on October 16, 2020 to partially fund the acquisition of ACH Alert (see Note 8). The ACH Alert acquisition also involved $4.9 million of additional cash consideration that the Company placed on deposit with an escrow agent to be paid upon the continued employment of one of the owners of ACH Alert, of which $2.5 million is to be paid in October 2021 and $2.4 million is to be paid in October 2022. Since the payouts are contingent upon the continued and future employment of the former owner, these amounts have been excluded from the purchase price. The Company has classified the amounts held in escrow as restricted cash on the condensed consolidated balance sheets and is accruing the estimated payouts over the requisite service period as a component of general and administrative expense on the condensed consolidated statements of operations. For the three months ended March 31, 2021, the Company recognized compensation expense of $0.6 million related to this agreement. The Company’s preliminary fair value estimates and assumptions to measure the assets acquired and liabilities assumed were subject to change as the Company obtained additional information during the measurement period. The following table summarizes the fair value amounts recognized as of the acquisition date for each major class of asset acquired or liability assumed, as well as adjustments made during the measurement period: (in thousands) Preliminary Fair Value as of October 4, 2020 Measurement Period Adjustments Adjusted Fair Value as of March 31, 2021 Trade accounts receivables $ 915 $ — $ 915 Other current assets 47 (14) 33 Property and equipment 20 — 20 Goodwill 16,218 324 16,542 Intangible assets 8,450 — 8,450 Total assets acquired $ 25,650 $ 310 $ 25,960 Accounts payable $ 61 $ 5 $ 66 Accrued liabilities — 4 4 Deferred revenues, current 170 — 170 Deferred revenues, net of current 346 (25) 321 Total liabilities assumed 577 (16) 561 Net assets acquired $ 25,073 $ 326 $ 25,399 As of March 31, 2021, the allocation of the purchase price for ACH Alert has been finalized. The table below outlines the purchased identifiable intangible assets: Weighted Average Amortization Period Total (in years) (in thousands) Customer relationships 15 $ 5,100 Developed technology 7 3,300 Trade names 2 50 Total identifiable intangible assets $ 8,450 Goodwill is mainly attributable to advantages expected from the acquisition such as giving the Company a complimentary solution to its existing platform offering, especially for banks. It is also expected to position the Company to better penetrate the banking market. This goodwill is expected to be deductible for tax purposes.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, NetDepreciation expense was $0.6 million and $0.6 million for the three months ended March 31, 2021 and 2020, respectively. (in thousands) Useful Life March 31, 2021 December 31, 2020 Software 1 to 3 years $ 967 $ 722 Computers and equipment 3 years 3,984 3,821 Furniture and fixtures 5 years 3,930 3,930 Leasehold improvements 3 to 10 years 11,663 11,650 $ 20,544 $ 20,123 Less: accumulated depreciation (10,236) (9,662) Property and equipment, net $ 10,308 $ 10,461

Revenue and Deferred Costs

Revenue and Deferred Costs	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue and Deferred Costs	Revenue and Deferred CostsThe Company derives primarily all of its revenues from SaaS subscription services charged for the use of its digital banking solutions. Revenues are recognized net of the most likely amount of sales credits and allowances and presented net of sales and usage-based taxes collected from clients on behalf of governmental authorities. SaaS subscription services are generally recognized as revenue over the term of the contract as a series of distinct SaaS services bundled into a single performance obligation. Clients are typically charged a one-time, upfront implementation fee and recurring annual and monthly access fees for the use of the Company’s digital banking solution. Implementation and integration of the digital banking platform is complex, and the Company has determined that the one-time, upfront services are not distinct. In determining whether implementation services are distinct from subscription services, the Company considered various factors including the significant level of integration, interdependency, and interrelation between the implementation and subscription service, as well as the inability of the clients’ personnel or other service providers to perform significant portions of the services. As a result, the Company defers any arrangement fees for implementation services and recognizes such amounts over time on a ratable basis as one performance obligation with the underlying subscription revenue commencing when the client goes live on the platform, which corresponds with the date the client obtains access to the Company’s digital banking solution and begins to benefit from the service. The Company’s performance obligation for the SaaS series of services includes standing ready over the term of the contract to provide access to all of the clients’ users and process any transactions initiated by those users. The Company invoices clients each month for the contracted minimum number of registered users with an additional amount for users in excess of those minimums. The Company recognizes variable consideration related to registered user counts in excess of the contractual minimum amounts each month. SaaS subscription revenues also includes annual and monthly charges for maintenance and support services which are recognized over the subscription term. As mentioned above, SaaS contracts include a single performance obligation that consists of a series of distinct SaaS services transferred over time that are substantially the same each month. Standalone selling prices are not required to allocate revenue amongst the distinct services within the series. The Company uses an analysis of pricing and discounting objectives, expected volume of users above contracted minimums and transactions, and client characteristics to ensure the revenue standards’ allocation objectives have been met. In limited circumstances when a contract calls for certain discounting to be triggered by volumes above contracted minimums, the Company is required to estimate these volumes in order to calculate revenue recognition in line with the standard’s allocation objectives. The following table disaggregates the Company's revenue by major source for the three months ended March 31, 2021 and 2020: Three months ended March 31, (in thousands) 2021 2020 SaaS subscription services $ 31,569 $ 21,514 Implementation services 1,300 1,277 Other services 393 419 Total revenues $ 33,262 $ 23,210 Deferred Cost Recognition The Company capitalized $0.3 million and $0.3 million in deferred commissions costs during the three months ended March 31, 2021 and March 31, 2020, respectively, and recognized $0.5 million and $0.3 million of amortization during the three months ended March 31, 2021 and 2020, respectively. Amortization expense is included in sales and marketing expenses in the accompanying statements of operations. Deferred commissions are included in deferred implementation costs in the accompanying consolidated balance sheets in the amount of $8.8 million and $9.0 million as of March 31, 2021 and December 31, 2020, respectively. The Company capitalized implementation costs of $1.3 million and $1.2 million during the three months ended March 31, 2021 and March 31, 2020, respectively, and recognized amortization of $0.6 million and $0.4 million during the three months ended March 31, 2021 and 2020, respectively. Amortization expense is included in cost of revenues in the accompanying consolidated statements of operations. Deferred cost assets are reviewed for impairment annually or more frequently if circumstances indicate there may be an impairment. No impairment loss was recognized in relation to these capitalized costs for the three months ended March 31, 2021 and 2020.

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable includes the following amounts at March 31, 2021 and December 31, 2020: March 31, December 31, (in thousands) 2021 2020 Trade accounts receivable $ 11,866 $ 11,804 Unbilled receivables 2,170 2,081 Other receivables 1,049 702 Total receivables 15,085 14,587 Allowance for doubtful accounts (327) (323) Reserve for estimated credits (144) (161) $ 14,614 $ 14,103

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following at March 31, 2021 and December 31, 2020: March 31, December 31, (in thousands) 2021 2020 Bonus accrual $ 2,332 $ 2,636 Accrued vendor purchases 3,887 2,542 Commissions accrual 1,179 1,309 Accrued hosting services 1,317 924 Client refund liability 1,098 1,362 Deferred compensation payable 1,250 625 Accrued consulting and professional fees 514 207 Accrued tax liabilities 2,373 2,394 Other accrued liabilities 2,175 1,100 Total accrued liabilities $ 16,125 $ 13,099

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt On October 16, 2020, the Company entered into a credit agreement with Silicon Valley Bank and KeyBank (“Credit Agreement”). The Credit Agreement replaced the prior credit facility provided by Comerica Bank. The Credit Agreement matures on October 16, 2023. The Credit Agreement includes the following: • Revolving Facility: The Credit Agreement provides $25.0 million in aggregate commitments for secured revolving loans, with sub-limits of $10.0 million for the issuance of letters of credit and $7.5 million for swingline loans (“Revolving Facility”). • Term Loan: A Term Loan of $25.0 million was borrowed on the closing date of the Credit Agreement. The proceeds of the Term Loan were used to fund the acquisition of ACH Alert which closed on October 4, 2020. • Accordion Feature: The Credit Agreement also allows the Company, subject to certain conditions, to request additional revolving loan commitments in an aggregate principal amount of up to $30.0 million. Revolving Facility loans under the Credit Agreement may be voluntarily prepaid and re-borrowed. Principal payments on the Term Loan are due in quarterly installments equal to an initial amount of approximately $0.3 million, which begin December 31, 2021 and continue through September 30, 2022 and increase to approximately $0.6 million beginning on December 31, 2022 through the Credit Agreement maturity date. Once repaid or prepaid, the Term Loans may not be re-borrowed. Borrowings under the Credit Agreement bear interest at a variable rate based upon, at the Company’s option, either the LIBOR rate or the base rate (in each case, as customarily defined) plus an applicable margin. The minimum LIBOR rate to be applied is 1.00%. The applicable margin for LIBOR rate loans ranges , based on an applicable recurring revenue leverage ratio, from 3.00% to 3.50% per annum, and the applicable margin for base rate loans ranges from 2.00 to 2.50% per annum. The Company’s minimum interest rate applied to term debt was 4.00% as of March 31, 2021. The Company is required to pay a commitment fee of 0.30% per annum on the undrawn portion available under the Revolving Facility, and variable fees on outstanding letters of credit. All outstanding principal and accrued but unpaid interest is due, and the commitments for the Revolving Facility terminate, on the maturity date. The Term Loans are subject to mandatory repayment requirements in the event of certain asset sales or if certain insurance or condemnation events occur, subject to customary reinvestment provisions. The Company may prepay the Term Loans in whole or in part at any time without premium or penalty. The Credit Agreement contains customary affirmative and negative covenants, as well as (i) an annual recurring revenue growth covenant requiring the loan parties to have recurring revenues in any four consecutive fiscal quarter period in an amount that is 10% greater than the recurring revenues for the corresponding four consecutive quarter period in the previous year and (ii) a liquidity (defined as the aggregate amount of cash in bank accounts subject to a control agreement plus availability under the Revolving Facility) covenant, requiring the loan parties to have liquidity, tested on the last day of each calendar month, of $10.0 million or more. The Credit Agreement also contains customary events of default, which if they occur, could result in the termination of commitments under the Credit Agreement, the declaration that all outstanding loans are immediately due and payable in whole or in part, and the requirement to maintain cash collateral deposits in respect of outstanding letters of credit. The Company was in compliance with all covenants as of March 31, 2021. Long-term Debt The following table summarizes long-term debt obligations as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Term Debt $ 25,000 $ 25,000 Less unamortized debt issuance costs (108) (121) Net amount 24,892 24,879 Less current maturities of long-term debt (625) (313) Long-term portion $ 24,267 $ 24,566 Maturities of long-term debt outstanding as of March 31, 2021, are summarized as follows (in thousands): 2021 $ 313 2022 1,562 2023 23,125 Thereafter — Total $ 25,000 In conjunction with financing arrangements with prior lenders, the Company issued warrants for the purchase of shares of the Company’s redeemable convertible preferred stock. The following tables summarize warrants outstanding as of March 31, 2021 and December 31, 2020 (in thousands, except share and per share data) and issuance price: Current FMV Shares Issuance Date Issuance price per share Expiration date March 31, 2021 December 31, 2020 Warrant Series A 40,000 12/10/12 $ 1.00 12/10/22 $ 938 $ 618 Warrant Series B 46,875 7/2/14 $ 1.60 7/7/26 1,024 657 Warrant Series B 15,000 9/9/14 $ 1.60 9/9/24 328 210 Warrant Series C 46,875 7/7/16 $ 3.65 7/7/26 928 566 Warrant Series C 34,246 7/21/17 $ 3.65 7/20/27 678 414 Warrant Series E 29,412 6/27/19 $ 8.50 6/26/29 440 227 Total 212,408 $ 4,336 $ 2,692 The warrants were subject to the same anti-dilution provisions to which the respective series of redeemable convertible preferred stock was subject. The outstanding warrants automatically converted into warrants to purchase common stock in connection with the closing of the Company’s IPO.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)	Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)As of March 31, 2021 and December 31, 2020, the Company was authorized to issue seven classes of stock: common stock, Series A redeemable convertible preferred stock, Series B redeemable convertible preferred stock, Series C redeemable convertible preferred stock, Series D redeemable convertible preferred stock, Series E redeemable convertible preferred stock and Series F redeemable convertible preferred stock. On September 23, 2020, the Board authorized an increase in the number of authorized shares of common stock to 101,671,156 shares and authorized an increase in the number of authorized shares of preferred stock to 72,799,602 shares. All of the outstanding series of redeemable convertible preferred stock converted to common stock upon the IPO. Repurchase of Common Stock During the three months ended March 31, 2021, former employees obtained a third-party offer for the purchase of 0.2 million shares of common stock held in the Company. As the Company had the right of first refusal for the sale of these shares, the Company repurchased the shares for $3.5 million from the former employees at the price offered. Voting All classes of stock are entitled to vote. During the three months ended March 31, 2021, Series A through F redeemable convertible preferred stockholders had the right to one vote for each share of common stock into which such holder’s respective shares of redeemable convertible preferred stock could then be converted. Dividends As of March 31, 2021 and December 31, 2020, Series A, Series C, Series D, Series E and Series F redeemable convertible preferred stockholders were entitled to an 8% preferred dividend, when, as and if declared by the Board. Series A, Series C, Series D, Series E and Series F preferred dividends are not cumulative. Series B redeemable convertible preferred stockholders were entitled to an 8% preferred return upon redemption or liquidation. The Series B preferred return is cumulative and totaled $7.9 million as of March 31, 2021. This cumulative return is recorded in Redeemable Convertible Preferred Stock on the consolidated balance sheets. Upon the IPO, the Series B redeemable convertible preferred stock was converted into common stock and the holders received a 5% dividend on conversion, which totaled $5.0 million and was paid in cash. Common stockholders are also entitled to dividends, when, as and if declared by the Board. Declared and unpaid dividends for each series of redeemable convertible preferred stock were payable upon liquidation. Conversion As of March 31, 2021 and December 31, 2020, holders of Series A, Series B, Series C, Series D, Series E and Series F redeemable convertible preferred stock were entitled to convert their shares into shares of common stock, at the option of the holder, at a 1-for-1 conversion rate based on a conversion price of $1.00, $1.60, $3.65, $6.13, $8.50 and $16.00 per share, respectively. The respective conversion rates were subject to anti-dilution clauses if additional shares of common stock are issued at a price per share below the applicable conversion price. As of March 31, 2021, no such anti-dilution events had occurred. Liquidation As of March 31, 2021 and December 31, 2020, upon a liquidation event, as defined by the Company’s certificate of incorporation, including any voluntary or involuntary liquidation, dissolution, winding up or deemed liquidation event, and prior to the payment of other equity holders, liquidation funds, if any, were required to be distributed to Series F redeemable convertible preferred stockholders (entitled to a liquidation preference equal to $16.00 per share plus declared and unpaid dividends), Series E redeemable convertible preferred stockholders (entitled to a liquidation preference equal to $8.50 per share plus declared and unpaid dividends) and Series D redeemable convertible preferred stockholders (entitled to a liquidation preference equal to $6.1278 per share), on a pari passu basis. Thereafter, Series C redeemable convertible preferred stockholders were entitled to a liquidation preference equal to $3.65 per share, after the payment in full of the liquidation preference of Series F, Series E and Series D redeemable convertible preferred stock. Thereafter, Series B redeemable convertible preferred stockholders were entitled to a liquidation preference, after the payment in full of the liquidation preference of the Series F, Series E, Series D and Series C redeemable convertible preferred stock, equal to $1.60 per share plus an accruing amount of 3% per annum on the purchase price of Series B redeemable convertible preferred stock, plus all accrued (including the 5% accruing dividend) but unpaid and any declared but unpaid dividends. Thereafter, Series A redeemable convertible preferred stockholders were entitled to a liquidation preference, after the payment in full of the liquidation preference on all other redeemable convertible preferred stock, equal to $1.00 per share plus any declared, but unpaid dividends. Remaining liquidation funds, if any, were then required to be distributed to both common and Series A redeemable convertible preferred stockholders equally, as if the Series A redeemable convertible preferred stock had been converted to common stock. Redemption As of March 31, 2021 and December 31, 2020, holders of all classes of redeemable convertible preferred stock were entitled to require the Company to redeem preferred shares at any time on or after June 27, 2023. Holders of Series A through C vote together with respect to the redemption of Series A, Series B and Series C redeemable convertible preferred stock, Series D and Series E vote together with respect to the redemption of Series D and Series E redeemable convertible preferred stock, and Series F had a separate right with respect to the redemption of Series F redeemable convertible preferred stock. If at least a majority of any such group voted in favor of redemption, the Company was required to redeem one-third of the then-outstanding shares of the applicable group within each series for cash equal to the Liquidation Amount, as defined by each series (“Initial Redemption Date”). The decision of any such group was not binding on any other group and any group’s decision to redeem is independent of any other group’s decision to redeem. The Company would then be required to make additional payments on the one-year and two-year anniversary of the Initial Redemption Date. In accordance with the SEC guidance on temporary equity, all redeemable convertible preferred stock is presented as mezzanine equity given the cash redemption right that is within the holder’s control. As of March 31, 2021 and December 31, 2020, the preferred shares were not currently redeemable, but it was probable the instruments would become redeemable. Therefore, the Company had elected to recognize changes in redemption value immediately as they occur, as a dividend, and adjust the carrying amount of the instrument such that the carrying value is greater than or equal to the redemption value at the end of each reporting period. As of March 31, 2021 and December 31, 2020, the holders of redeemable convertible preferred stock had various rights and preferences as follows: March 31, 2021 December 31, 2020 Shares Shares Redemption/ Shares Shares Redemption/ (in thousands, except for shares) Series A Redeemable Convertible Preferred Stock 8,488,092 8,448,092 $ 8,448 8,488,092 8,448,092 $ 8,448 Series B Redeemable Convertible Preferred Stock 8,761,982 8,650,107 21,741 8,761,982 8,650,107 21,464 Series C Redeemable Convertible Preferred Stock 22,600,000 22,228,001 81,132 22,600,000 22,228,001 81,132 Series D Redeemable Convertible Preferred Stock 11,443,749 11,423,349 70,000 11,443,749 11,423,349 70,000 Series E Redeemable Convertible Preferred Stock 12,755,779 12,726,367 108,174 12,755,779 12,726,367 108,174 Series F Redeemable Convertible Preferred Stock 8,750,000 8,750,000 140,000 8,750,000 8,750,000 140,000 72,799,602 72,225,916 $ 429,495 72,799,602 72,225,916 $ 429,218

Equity Compensation Plan

Equity Compensation Plan	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity Compensation Plan	Equity Compensation In 2011, the Board established a long-term incentive plan, the Company’s 2011 Long-Term Incentive Plan, as amended (the “2011 Plan”), under which shares of common stock are made available for grants to qualified consultants, directors, or employees of the Company. The vesting of the common stock options is determined by the Company and may be immediately vested in whole, or in part, or all portions may not be vested until a specific date. The exercise price of incentive stock options granted must be at least equal to 100% of the fair value of the Company’s common stock at the date of grant, as determined by the Board. On February 25, 2021, the Board approved, subject to stockholder approval which, was obtained on March 23, 2021, the Company’s 2021 Employee Stock Purchase Plan (the “ESPP”), pursuant to which employees would be able to purchase shares of the Company’s common stock at a 15% discount. The Board provided for a share reserve with respect to the ESPP of 2% of the total number of shares outstanding after the IPO. The Board further provided that the share reserve will be refreshed by an evergreen provision of 1% of the Company’s outstanding common stock at the end of the prior year, or such lesser amount as the Board or its Compensation Committee may determine. On February 25, 2021, the Board approved, subject to stockholder approval, which was obtained on March 23, 2021, the Company’s 2021 Incentive Award Plan (the “2021 Plan”), pursuant to which incentive awards may be awarded to employees, directors and consultants. The Board provided that the maximum number of shares of common stock (subject to stock splits, dividends, recapitalizations and the like) issuable under the 2021 Plan is equal to a number of shares equal to (i) 11.0% of the shares of common stock outstanding immediately prior to the effectiveness of the IPO after giving effect to the number of shares being sold in the IPO (including shares subject to outstanding equity awards, and the 2021 share reserve and the ESPP share reserve (as described above)) and assuming no exercise of the underwriters’ option to purchase additional shares, plus (ii) an annual increase on the first day of each year beginning in 2022 and ending in 2031, equal to the lesser of: (a) 5.0% of the shares outstanding on the last day of the prior fiscal year or (b) such lesser amount as determined by the Board, plus (iii) any shares underlying awards outstanding under the 2011 Plan, as of immediately prior to the effectiveness of the IPO, that are thereafter forfeited, terminated, expired or repurchased for the original purchase price thereof, subject to certain statutory limits related to “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code. Stock Options On February 5, 2021 and February 10, 2021, following approval by the Board, the Company issued options to purchase an aggregate of 2.4 million shares of the Company’s common stock, with an exercise price of $15.46 per share on the grant date to employees under the 2011 Plan. The stock option grants expire in ten years. Of the stock options, 0.2 million vest 25% after one year and then monthly prospectively for a three-year period with the remaining 2.2 million stock options vesting monthly over a four-year period in 48 equal monthly installments. In order to determine the appropriate stock-based compensation expense for financial reporting purposes, the Company utilized a fair value per share of its common stock as of the date of the awards of $19.35 and $19.72, respectively. The grant date fair value of the stock options granted on February 5, 2021 and February 10, 2021 is approximately $20.0 million, which is expected to be recognized, net of estimated forfeitures, over a requisite service period of 4 years. On February 25, 2021, following approval by the Board, the Company issued options to purchase an aggregate of 0.3 million shares of the Company’s common stock, with an exercise price of $18.62 per share on the grant date to employees under the 2011 Plan. The stock option grants expire in ten years. The stock options generally vest 25% after one year and then monthly prospectively for a three-year period. In order to determine the appropriate stock-based compensation expense for financial reporting purposes, the Company utilized a fair value per share of its common stock as of the date of the awards of $20.80. The grant date fair value of the stock options granted on February 25, 2021 is approximately $2.9 million, which is expected to be recognized, net of estimated forfeitures, over a requisite service period of generally 4 years. The following table summarizes the weighted-average grant date value of options and the assumptions used to develop their fair value using the Black-Scholes option pricing model: 2021 Volatility 37.0% Risk-free interest rate 0.7% Dividends — Weighted average grant date fair value $8.47 Weighted average expected life in years 6.03 Estimated forfeiture rate 14.3% Fair value of common stock $19.35-$20.80 The Black-Scholes option-pricing model requires the input of highly subjective assumptions. The Company continues to assess the assumptions and methodologies used to calculate the established fair value of stock-based compensation. Circumstances may change and additional data may become available over time, which could result in changes to these assumptions and methodologies, which could materially impact the fair value determinations. The Company recorded $1.4 million and $0.5 million of stock-based compensation expense for the three months ended March 31, 2021 and March 31, 2020, respectively. The amount of stock-based compensation capitalized as part of deferred implementation costs was insignificant for the three months ended March 31, 2021 and March 31, 2020. Due to net operating losses, there was no tax expense or benefit recorded in connection with stock-based compensation expense. Stock-based compensation expense was included as follows: Three months ended March 31, (in thousands) 2021 2020 Cost of revenues $ 233 $ 92 Research and development 299 105 Sales and marketing 103 33 General and administrative 783 229 Total stock-based compensation expenses $ 1,418 $ 459

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe provision for income taxes in the accompanying condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020 was $0. The effective tax rate differs from the statutory tax rate primarily due to the impact of the full valuation allowance against the Company’s deferred tax assets.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareNet loss attributable to common stockholders used in computing basic and diluted earnings per share (“EPS”) has been calculated as the net loss less Series B cumulative dividends and other adjustments to redeemable convertible preferred stock of $0.3 million for the three months ended March 31, 2021 and March 31, 2020. During the three months ended March 31, 2021 and 2020, all of the Company’s outstanding series of redeemable convertible preferred stock were considered to be participating securities. The holders of the Company’s redeemable convertible preferred stock did not have a contractual obligation to share in the Company’s losses; therefore, no amount of total undistributed loss was allocated to redeemable convertible preferred stock. Basic net loss per share attributable to common stockholders is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Because the Company has reported a net loss for the three months ended March 31, 2021 and 2020, the number of shares used to calculate diluted net loss per share attributable to common stockholders is the same as the number of shares used to calculate basic net loss per share attributable to common stockholders for the period presented because the potentially dilutive shares would have been antidilutive if included in the calculation. The computation of basic and diluted EPS is as follows for the three months ended March 31, 2021 and 2020: Three months ended March 31, (In thousands, except shares and per share amounts) 2021 2020 Net loss $ (10,879) $ (10,255) Less: cumulative dividends and adjustments to redeemable convertible preferred stock (277) (277) Net loss attributable to common stockholders $ (11,156) $ (10,532) Weighted average shares of common stock outstanding - basic and diluted 5,584,182 4,569,020 Loss per common share - basic and diluted $ (2.00) $ (2.31) For the three months ended March 31, 2021 and 2020, the following potential shares of common stock were excluded from diluted EPS as the Company had a net loss in each period presented: Three months ended March 31, 2021 2020 Stock options 12,190,570 12,958,469 Redeemable convertible preferred stock 72,225,916 54,290,383 Warrants 212,408 212,408 Total anti-dilutive common share equivalents 84,628,894 67,461,260

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Lease Commitments The Company leases office space under non-cancelable operating leases for its corporate headquarters in Plano, Texas pursuant to a ten-year lease agreement under which the Company leases approximately 125,000 square feet of office space with an initial term that expires on August 31, 2028, with the option to extend the lease for either two additional terms of five years each or one additional term of ten years. Rent expense under operating leases was $1.1 million and $1.1 million for the three months ended March 31, 2021 and 2020, respectively. Future minimum payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year at March 31, 2021 were as follows (in thousands): Operating Leases 2021 $ 2,741 2022 3,710 2023 3,773 2024 3,835 2025 3,898 Thereafter 10,697 Total minimum lease payments $ 28,654 Deferred Rent and Tenant Allowances Deferred rent and tenant allowances are amortized and applied against rental expense over the lease term on a straight-line basis. As of March 31, 2021 and December 31, 2020, the Company had deferred rent and tenant allowance balances as follows: (in thousands) March 31, 2021 December 31, 2020 Deferred rent and tenant allowance $ 6,387 $ 6,463 Less: current portion (661) (596) Deferred rent and tenant allowance, net of current portion $ 5,726 $ 5,867 Legal Proceedings The Company may become party to various legal actions during the ordinary course of business. Defending such proceedings is costly and can impose a significant burden on management and employees, it may receive unfavorable preliminary or interim rulings in the course of litigation, and there can be no assurances that favorable final outcomes will be obtained. In addition, the Company’s industry is characterized by the existence of a large number of patents, copyrights, trademarks, trade secrets and other intellectual property and proprietary rights. Companies in its industry are often required to defend against litigation claims based on allegations of infringement or other violations of intellectual property rights. Furthermore, client agreements typically require the Company to indemnify clients against liabilities incurred in connection with claims alleging its solutions infringe the intellectual property rights of a third party. From time to time, the Company has been involved in disputes related to patent and other intellectual property rights of third parties, none of which has resulted in material liabilities. The Company expects these types of disputes may continue to arise in the future. Based upon present information, the Company believes that its liability, if any, arising from such pending legal proceedings, asserted legal claims and known potential legal claims which are likely to be asserted, is not reasonably likely to be material to the Company’s financial position, results of operations, or cash flows, taking into account established accruals for estimated liabilities.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions For the three months ended March 31, 2021 and 2020, CU Cooperative Systems, Inc. (“CU Cooperative”), an investor who is also a vendor, was paid fees of $1.0 million and $1.2 million, respectively, which relate to services resold to the Company’s clients. As of March 31, 2021, the Company had no accounts payable balance due to CU Cooperative, and as of December 31, 2020, accounts payable included amounts due to CU Cooperative of $0.3 million. Mr. Todd Clark, who has served as President and Chief Executive Officer of CU Cooperative since 2016, is a member of the Board and was designated to serve as a member of the Board by CU Cooperative. CU Cooperative held 5% or more of the Company’s capital stock as of December 31, 2020. For the three months ended March 31, 2021, the Company employed a former owner of the acquired business ACH Alert. For certain operating and lease payments made on the former owner’s behalf and lockbox cash receipts due to the Company, a receivable of $1.4 million from

Goodwill and Other Intangibles

Goodwill and Other Intangibles	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	Goodwill and Other Intangibles Goodwill and intangible assets deemed to have an indefinite life are not amortized, but are reviewed annually for impairment of value or when indicators of a potential impairment are present. As part of the Company’s business planning cycle, the Company will perform an annual goodwill impairment test in the fourth quarter of the fiscal year beginning in 2021. There were no indications of impairment of goodwill noted for the three months ended March 31, 2021. Goodwill had a carrying value of $16.5 million and $16.2 million as of March 31, 2021 and December 31, 2020, respectively. The Company recorded $0.3 million to goodwill during the three months ended March 31, 2021 due to a change in the purchase price allocation for ACH Alert as is appropriate during the measurement period. See Note 3 for additional information. Total intangibles, net, consisted of the following as of March 31, 2021 and December 31, 2020: As of March 31, 2021 (In thousands) Carrying Value Accumulated Amortization Net Carrying Value Finite-lived: Customer Relationships $ 5,100 $ (170) $ 4,930 Developed Technology 3,300 (236) 3,064 Tradenames 50 (12) 38 Subtotal amortizable intangible assets 8,450 (418) 8,032 Website domain name 25 — 25 Total intangible assets $ 8,475 $ (418) $ 8,057 As of December 31, 2020 (In thousands) Carrying Value Accumulated Amortization Net Carrying Value Finite-lived: Customer Relationships $ 5,100 $ (85) $ 5,015 Developed Technology 3,300 (118) 3,182 Tradenames 50 (6) 44 Subtotal amortizable intangible assets 8,450 (209) 8,241 Website domain name 25 — 25 Total intangible assets $ 8,475 $ (209) $ 8,266 Amortization expense recognized on intangible assets was $0.2 million for the three months ended March 31, 2021. The Company did not recognize amortization expense related to intangible assets for the three months ended March 31, 2020. The following table shows the estimated annual amortization expense of the definite-lived intangible assets for the next five years and thereafter (in thousands): 2021 $ 627 2022 830 2023 811 2024 811 2025 811 Thereafter 4,142 $ 8,032

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn April 13, 2021, the Company's registration statement relating to its IPO of its common stock was declared effective by the SEC. See Note 1 for additional information.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. All intercompany accounts and transactions are eliminated. In the Company's opinion, the accompanying interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting of normal, recurring adjustments, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Certain information and disclosures normally included in the notes to the annual consolidated financial statements prepared in accordance with GAAP have been omitted from these interim unaudited condensed consolidated financial statements pursuant to the rules and regulations of the SEC. Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the accompanying notes for the fiscal year ended December 31, 2020, which are included in the Prospectus. Operating results for the three months ended March 31, 2021 are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2021.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions include determining the timing and amount of revenue recognition, recoverability and amortization period related to costs to obtain and fulfill contracts, valuation of the Company’s stock options, and warrants.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash, restricted cash and cash equivalents, accounts receivable, accounts payable, long-term debt and stock warrants. The carrying values of cash, restricted cash and cash equivalents, accounts receivable, and accounts payable approximate their respective fair values due to the short-term nature of these instruments. The carrying value of long-term debt approximates its fair value due to the variable interest rate. Cash equivalents include amounts held in money market accounts that are measured at fair value using observable market prices. Warrant liabilities are valued using the Black-Scholes option pricing method and are presented at estimated fair value at the end of the reporting period. The assumptions used in preparing the Black-Scholes option pricing calculation include weighted average grant date fair value, volatility, risk-free interest rate, dividends, weighted average expected life in years and estimated forfeiture. Changes in the fair value of warrant liabilities are recognized as a gain or loss within non-operating income (expense). The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2. Significant other inputs that are directly or indirectly observable in the marketplace. Level 3. Significant unobservable inputs which are supported by little or no market activity.
Cash and Cash Equivalents and Restricted Cash	Restricted Cash The Company defines restricted cash as cash that is legally restricted as to withdrawal or usage. The amount included in restricted cash on the Condensed Consolidated Balance Sheet at March 31, 2021 and December 31, 2020 represents the additional cash proceeds in deposit with an escrow agent for satisfaction of contingent consideration related to the acquisition of ACH Alert, LLC (“ACH Alert”).
Capitalized Software Development Costs	Capitalized Software Development Costs Software development costs relate primarily to software coding, systems interfaces, and testing of the Company’s proprietary systems and are accounted for in accordance with ASC 350-40, Internal Use Software. Internal software development costs are capitalized from the time the internal use software is in the application development stage until the software is ready for use. Business analysis, system evaluation, and software maintenance costs are expensed as incurred. The capitalized software development costs are reported in property and equipment, net in the condensed consolidated balance sheets. The Company had $0.2 million in capitalized internal software development costs as of March 31, 2021 and none as of December 31, 2020. Capitalized software development costs are amortized using the straight-line method over the estimated useful life of the software, generally three
Contract Balances	Contract Balances Client contracts under which revenues have been recognized while the Company is not yet able to invoice results in contract assets. Generally, contract assets arise as a result of reallocating revenues when discounts are weighted more heavily in the early years of a multi-year contract or the client contract has substantive minimum fees that escalate over the term of the contract. Contract assets totaled $0.8 million and $0.8 million as of March 31, 2021 and December 31, 2020, respectively, which are included in other assets in the accompanying condensed consolidated balance sheets. Contract liabilities are comprised of billings or payments received from the Company’s clients in advance of performance under the contract and are represented in deferred revenues in the consolidated balance sheets.
Stock-Based Compensation	Stock-Based Compensation Stock options are accounted for using the grant date fair value method. Under this method, stock-based compensation expense is measured by the estimated fair value of the granted stock options at the date of grant using the Black-Scholes option pricing model and recognized over the vesting period with a corresponding increase to additional paid-in capital. Determining the fair value of stock-based awards at the grant date requires significant judgement. The determination of the grant date fair value of stock-based awards using the Black-Scholes option-pricing model is affected, for periods prior to the Company’s IPO, by the Company’s estimated common stock fair value as well as other subjective assumptions including the volatility, risk-free interest rate, dividends, weighted average expected life and estimated forfeiture rate. The assumptions used in the Company’s option-pricing model represent management’s best estimates. These assumptions and estimates are as follows: Fair Value of Common Stock. Given the absence of an active market for the Company’s shares of common stock prior to its IPO, the fair value of the shares of common stock underlying the Company’s stock options was determined by the Company’s board of directors (the “Board”). The Board intends all options to be exercisable at the fair value of its shares of common stock on the grant date. Such estimates will not be necessary in future periods because the underlying shares began trading after the IPO. The assumptions used in the valuation models were based on future expectations and management judgment. The Company used three methods to determine fair value of its common stock as follows: • Discounted Cash Flow Method : the value of the business is estimated on the basis of forecasted cash flows, discounted to present value using an appropriate risk-adjusted discount rate. • Guideline Public Company Method : the value of the business is estimated through the application of multiples observed for public companies engaged in businesses and/or industries that are considered comparable to the Company. • Recent Transactions Method : the value of the business is estimated through the application of multiples observed for M&A transactions involving target companies engaged in businesses and/or industries that are considered comparable to the Company. To allocate the aggregate equity value of the Company to the various equity interests present, the Company has historically (until September 2020) utilized the Option Pricing Method (“OPM”). The OPM values each equity class by creating a series of call options on the equity value, with exercise prices based on the liquidation preferences and conversion terms. Beginning in September 2020, the Company began applying the hybrid method, which combines elements of the OPM and the probability-weighted expected return method (“PWERM”) to determine the value of its shares of common stock. The Company made this change as greater clarity developed regarding a possible IPO or other liquidity event. Under the PWERM, the value of the Company’s shares of common stock is estimated based on the analysis of future values for the enterprise assuming various possible future events, such as an IPO. The future value was discounted to its present value using an appropriate risk-adjusted rate based on the Company’s stage of development. Additionally, the Company applied a discount for lack of marketability. The allocation to each share class is based upon the Black-Scholes options pricing model. Under the hybrid method, the per share values calculated under each exit scenario are probability-weighted to determine the fair value of its shares of common stock. • Volatility: As the Company does not have trading history for its common stock, the selected volatility used is representative of expected future volatility. The Company bases expected future volatility on the historical and implied volatility of comparable publicly traded companies over a similar expected term. • Risk-Free Interest Rate: The Company bases the risk-free interest rate on the rate for a U.S. Treasury zero-coupon issue with a term that closely approximates the expected life of the option grant at the date nearest the option grant date. • Dividends. The Company has never declared or paid any cash dividends and does not presently intend to pay cash dividends in the foreseeable future, other than the aggregate accumulated dividends payable to holders of the Company’s Series B redeemable convertible preferred stock. As a result, the Company used a dividends assumption of zero. • Weighted Average Expected Life in Years: The expected term of employee stock options reflects the period for which the Company believes the option will remain outstanding. To determine the expected term, the Company applies the simplified approach in which the expected term of an award is presumed to be the mid-point between the vesting date and the expiration date of the award. • Estimated Forfeiture Rate . The Company’s forfeiture rate is based on an analysis of its actual forfeitures. The Company will continue to evaluate the appropriateness of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover and other factors.
Concentrations of Credit Risk	Concentrations of Credit RiskSignificant concentrations of credit risk arise from the Company’s revenues and accounts receivable. Management believes that its contract acceptance, billing, and collection policies are adequate to minimize potential credit risk. No client represented more than 10% of revenue for the three months ended March 31, 2021 and 2020. As of March 31, 2021 and December 31, 2020, no client represented more than 10% of accounts receivable.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842),” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the consolidated balance sheets and disclosing key information about leasing arrangements. The standard is effective for non-public entities for fiscal years beginning after December 15, 2020, and interim periods for the fiscal year beginning after December 15, 2021, and early application is permitted. The Company anticipates that the adoption of Topic 842 will impact its consolidated balance sheets as most of its operating lease commitments will be subject to the new standard and recognized as right-of-use assets and corresponding operating lease liabilities upon the adoption of ASU 2016-02. The Company expects to adopt the standard in fiscal year 2021 using the modified retrospective transition approach and interim periods beginning 2022. The Company continues to evaluate quantitative impacts that the adoption of this standard will have. The Company expects total assets and liabilities reported will increase relative to such amounts prior to adoption. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326),” which modifies the measurement of expected credit losses of certain financial instruments with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The effective date for adoption of the new standard was delayed until calendar years beginning after December 15, 2021, with early adoption permitted. This ASU is not expected to have a material impact on the Company’s financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table summarizes the Company’s financial assets measured at fair value as of March 31, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation: Fair Value at Reporting Date Using (In thousands) March 31, 2021 Level 1 Level 2 Level 3 Assets: Money Market Accounts $ 150,346 $ 150,346 $ — $ — Total Assets $ 150,346 $ 150,346 $ — $ — Liabilities: Warrant Liabilities $ (4,336) $ — $ — $ (4,336) Total Liabilities $ (4,336) $ — $ — $ (4,336) Fair Value at Reporting Date Using (In thousands) December 31, 2020 Level 1 Level 2 Level 3 Assets: Money Market Accounts $ 143,277 $ 143,277 $ — $ — Total Assets $ 143,277 $ 143,277 $ — $ — Liabilities: Warrant Liabilities $ (2,692) $ — $ — $ (2,692) Total Liabilities $ (2,692) $ — $ — $ (2,692)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The reconciliations of the beginning and ending balances during the three months ended March 31, 2021 for Level 3 assets and liabilities are as follows (in thousands): Asset and liability categories Beginning Level 3 Fair Value at January 1, 2021 Fair value adjustment Ending Level 3 Fair Value at March 31, 2021 Warrant Liabilities $ (2,692) $ (1,644) $ (4,336)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The reconciliations of the beginning and ending balances during the three months ended March 31, 2021 for Level 3 assets and liabilities are as follows (in thousands): Asset and liability categories Beginning Level 3 Fair Value at January 1, 2021 Fair value adjustment Ending Level 3 Fair Value at March 31, 2021 Warrant Liabilities $ (2,692) $ (1,644) $ (4,336)
Schedule of Cash and Cash Equivalents	March 31, December 31, (in thousands) 2021 2020 Cash and cash equivalents $ 162,075 $ 166,790 Restricted cash included in Other assets 4,873 4,873 Total cash and cash equivalents and restricted cash shown in statements of cash flows $ 166,948 $ 171,663
Restrictions on Cash and Cash Equivalents	March 31, December 31, (in thousands) 2021 2020 Cash and cash equivalents $ 162,075 $ 166,790 Restricted cash included in Other assets 4,873 4,873 Total cash and cash equivalents and restricted cash shown in statements of cash flows $ 166,948 $ 171,663

Business Combination (Tables)

Business Combination (Tables)	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The Company’s preliminary fair value estimates and assumptions to measure the assets acquired and liabilities assumed were subject to change as the Company obtained additional information during the measurement period. The following table summarizes the fair value amounts recognized as of the acquisition date for each major class of asset acquired or liability assumed, as well as adjustments made during the measurement period: (in thousands) Preliminary Fair Value as of October 4, 2020 Measurement Period Adjustments Adjusted Fair Value as of March 31, 2021 Trade accounts receivables $ 915 $ — $ 915 Other current assets 47 (14) 33 Property and equipment 20 — 20 Goodwill 16,218 324 16,542 Intangible assets 8,450 — 8,450 Total assets acquired $ 25,650 $ 310 $ 25,960 Accounts payable $ 61 $ 5 $ 66 Accrued liabilities — 4 4 Deferred revenues, current 170 — 170 Deferred revenues, net of current 346 (25) 321 Total liabilities assumed 577 (16) 561 Net assets acquired $ 25,073 $ 326 $ 25,399
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	The table below outlines the purchased identifiable intangible assets: Weighted Average Amortization Period Total (in years) (in thousands) Customer relationships 15 $ 5,100 Developed technology 7 3,300 Trade names 2 50 Total identifiable intangible assets $ 8,450

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	(in thousands) Useful Life March 31, 2021 December 31, 2020 Software 1 to 3 years $ 967 $ 722 Computers and equipment 3 years 3,984 3,821 Furniture and fixtures 5 years 3,930 3,930 Leasehold improvements 3 to 10 years 11,663 11,650 $ 20,544 $ 20,123 Less: accumulated depreciation (10,236) (9,662) Property and equipment, net $ 10,308 $ 10,461

Revenue and Deferred Costs (Tab

Revenue and Deferred Costs (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates the Company's revenue by major source for the three months ended March 31, 2021 and 2020: Three months ended March 31, (in thousands) 2021 2020 SaaS subscription services $ 31,569 $ 21,514 Implementation services 1,300 1,277 Other services 393 419 Total revenues $ 33,262 $ 23,210

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable includes the following amounts at March 31, 2021 and December 31, 2020: March 31, December 31, (in thousands) 2021 2020 Trade accounts receivable $ 11,866 $ 11,804 Unbilled receivables 2,170 2,081 Other receivables 1,049 702 Total receivables 15,085 14,587 Allowance for doubtful accounts (327) (323) Reserve for estimated credits (144) (161) $ 14,614 $ 14,103

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following at March 31, 2021 and December 31, 2020: March 31, December 31, (in thousands) 2021 2020 Bonus accrual $ 2,332 $ 2,636 Accrued vendor purchases 3,887 2,542 Commissions accrual 1,179 1,309 Accrued hosting services 1,317 924 Client refund liability 1,098 1,362 Deferred compensation payable 1,250 625 Accrued consulting and professional fees 514 207 Accrued tax liabilities 2,373 2,394 Other accrued liabilities 2,175 1,100 Total accrued liabilities $ 16,125 $ 13,099

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes long-term debt obligations as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Term Debt $ 25,000 $ 25,000 Less unamortized debt issuance costs (108) (121) Net amount 24,892 24,879 Less current maturities of long-term debt (625) (313) Long-term portion $ 24,267 $ 24,566
Schedule of Maturities of Long-term Debt	Maturities of long-term debt outstanding as of March 31, 2021, are summarized as follows (in thousands): 2021 $ 313 2022 1,562 2023 23,125 Thereafter — Total $ 25,000
Schedule of Warrants	The following tables summarize warrants outstanding as of March 31, 2021 and December 31, 2020 (in thousands, except share and per share data) and issuance price: Current FMV Shares Issuance Date Issuance price per share Expiration date March 31, 2021 December 31, 2020 Warrant Series A 40,000 12/10/12 $ 1.00 12/10/22 $ 938 $ 618 Warrant Series B 46,875 7/2/14 $ 1.60 7/7/26 1,024 657 Warrant Series B 15,000 9/9/14 $ 1.60 9/9/24 328 210 Warrant Series C 46,875 7/7/16 $ 3.65 7/7/26 928 566 Warrant Series C 34,246 7/21/17 $ 3.65 7/20/27 678 414 Warrant Series E 29,412 6/27/19 $ 8.50 6/26/29 440 227 Total 212,408 $ 4,336 $ 2,692

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of Temporary Equity	As of March 31, 2021 and December 31, 2020, the holders of redeemable convertible preferred stock had various rights and preferences as follows: March 31, 2021 December 31, 2020 Shares Shares Redemption/ Shares Shares Redemption/ (in thousands, except for shares) Series A Redeemable Convertible Preferred Stock 8,488,092 8,448,092 $ 8,448 8,488,092 8,448,092 $ 8,448 Series B Redeemable Convertible Preferred Stock 8,761,982 8,650,107 21,741 8,761,982 8,650,107 21,464 Series C Redeemable Convertible Preferred Stock 22,600,000 22,228,001 81,132 22,600,000 22,228,001 81,132 Series D Redeemable Convertible Preferred Stock 11,443,749 11,423,349 70,000 11,443,749 11,423,349 70,000 Series E Redeemable Convertible Preferred Stock 12,755,779 12,726,367 108,174 12,755,779 12,726,367 108,174 Series F Redeemable Convertible Preferred Stock 8,750,000 8,750,000 140,000 8,750,000 8,750,000 140,000 72,799,602 72,225,916 $ 429,495 72,799,602 72,225,916 $ 429,218

Equity Compensation Plan (Table

Equity Compensation Plan (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following table summarizes the weighted-average grant date value of options and the assumptions used to develop their fair value using the Black-Scholes option pricing model: 2021 Volatility 37.0% Risk-free interest rate 0.7% Dividends — Weighted average grant date fair value $8.47 Weighted average expected life in years 6.03 Estimated forfeiture rate 14.3% Fair value of common stock $19.35-$20.80
Share-based Payment Arrangement, Expensed and Capitalized, Amount	Stock-based compensation expense was included as follows: Three months ended March 31, (in thousands) 2021 2020 Cost of revenues $ 233 $ 92 Research and development 299 105 Sales and marketing 103 33 General and administrative 783 229 Total stock-based compensation expenses $ 1,418 $ 459

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of basic and diluted EPS is as follows for the three months ended March 31, 2021 and 2020: Three months ended March 31, (In thousands, except shares and per share amounts) 2021 2020 Net loss $ (10,879) $ (10,255) Less: cumulative dividends and adjustments to redeemable convertible preferred stock (277) (277) Net loss attributable to common stockholders $ (11,156) $ (10,532) Weighted average shares of common stock outstanding - basic and diluted 5,584,182 4,569,020 Loss per common share - basic and diluted $ (2.00) $ (2.31)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	For the three months ended March 31, 2021 and 2020, the following potential shares of common stock were excluded from diluted EPS as the Company had a net loss in each period presented: Three months ended March 31, 2021 2020 Stock options 12,190,570 12,958,469 Redeemable convertible preferred stock 72,225,916 54,290,383 Warrants 212,408 212,408 Total anti-dilutive common share equivalents 84,628,894 67,461,260

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year at March 31, 2021 were as follows (in thousands): Operating Leases 2021 $ 2,741 2022 3,710 2023 3,773 2024 3,835 2025 3,898 Thereafter 10,697 Total minimum lease payments $ 28,654
Schedule of Rent Expense	As of March 31, 2021 and December 31, 2020, the Company had deferred rent and tenant allowance balances as follows: (in thousands) March 31, 2021 December 31, 2020 Deferred rent and tenant allowance $ 6,387 $ 6,463 Less: current portion (661) (596) Deferred rent and tenant allowance, net of current portion $ 5,726 $ 5,867

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Total intangibles, net, consisted of the following as of March 31, 2021 and December 31, 2020: As of March 31, 2021 (In thousands) Carrying Value Accumulated Amortization Net Carrying Value Finite-lived: Customer Relationships $ 5,100 $ (170) $ 4,930 Developed Technology 3,300 (236) 3,064 Tradenames 50 (12) 38 Subtotal amortizable intangible assets 8,450 (418) 8,032 Website domain name 25 — 25 Total intangible assets $ 8,475 $ (418) $ 8,057 As of December 31, 2020 (In thousands) Carrying Value Accumulated Amortization Net Carrying Value Finite-lived: Customer Relationships $ 5,100 $ (85) $ 5,015 Developed Technology 3,300 (118) 3,182 Tradenames 50 (6) 44 Subtotal amortizable intangible assets 8,450 (209) 8,241 Website domain name 25 — 25 Total intangible assets $ 8,475 $ (209) $ 8,266
Schedule of Indefinite-Lived Intangible Assets	Total intangibles, net, consisted of the following as of March 31, 2021 and December 31, 2020: As of March 31, 2021 (In thousands) Carrying Value Accumulated Amortization Net Carrying Value Finite-lived: Customer Relationships $ 5,100 $ (170) $ 4,930 Developed Technology 3,300 (236) 3,064 Tradenames 50 (12) 38 Subtotal amortizable intangible assets 8,450 (418) 8,032 Website domain name 25 — 25 Total intangible assets $ 8,475 $ (418) $ 8,057 As of December 31, 2020 (In thousands) Carrying Value Accumulated Amortization Net Carrying Value Finite-lived: Customer Relationships $ 5,100 $ (85) $ 5,015 Developed Technology 3,300 (118) 3,182 Tradenames 50 (6) 44 Subtotal amortizable intangible assets 8,450 (209) 8,241 Website domain name 25 — 25 Total intangible assets $ 8,475 $ (209) $ 8,266
Schedule of Definite-Lived Intangible Assets, Future Amortization Expense	The following table shows the estimated annual amortization expense of the definite-lived intangible assets for the next five years and thereafter (in thousands): 2021 $ 627 2022 830 2023 811 2024 811 2025 811 Thereafter 4,142 $ 8,032

Organization (Details)

Organization (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 13, 2021	Apr. 12, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 23, 2020
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized			101,671,156	101,671,156	101,671,156
Redeemable convertible preferred stock, authorized (in shares)			72,799,602	72,799,602	72,799,602
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Preferred stock converted into common stock (in shares)		72,225,916
Number of shares converted from warrants (in shares)		212,408
Shares reserved for future issuance		12,131,846
Granted (in shares)		101,775
Fair value of common stock (in dollars per share)		$ 30
Payment of accumulated dividends		$ 5,000
Subsequent Event | Restricted Stock Units (RSUs)
Subsidiary, Sale of Stock [Line Items]
Restricted stock units granted (in shares)		192,000
Subsequent Event | ESPP
Subsidiary, Sale of Stock [Line Items]
Shares reserved for future issuance		2,205,790
IPO | Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Shares sold in offering	6,900,000
Public offering price per share (in dollars per share)	$ 30
Public offering, aggregate cash proceeds	$ 192,800
Expected expenses incurred for IPO	$ 5,200
Common stock, shares authorized	500,000,000
Redeemable convertible preferred stock, authorized (in shares)	10,000,000
Over-Allotment Option | Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Shares sold in offering	900,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalized internal software development costs	$ 0.2	$ 0
Contract assets	$ 0.8	$ 0.8
Minimum | Software Development Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Useful life (in years)	3 years
Maximum | Software Development Costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Useful life (in years)	5 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Fair Value of Assets and Liabilities Measured At Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Liabilities:
Warrant liability	$ (4,336)	$ (2,692)
Fair Value, Recurring
Assets:
Total Assets	150,346	143,277
Liabilities:
Warrant liability	(4,336)	(2,692)
Total Liabilities	(4,336)	(2,692)
Fair Value, Recurring | Money Market Accounts
Assets:
Assets	150,346	143,277
Fair Value, Recurring | Level 1
Assets:
Total Assets	150,346	143,277
Liabilities:
Warrant liability	0	0
Total Liabilities	0	0
Fair Value, Recurring | Level 1 | Money Market Accounts
Assets:
Assets	150,346	143,277
Fair Value, Recurring | Level 2
Assets:
Total Assets	0	0
Liabilities:
Warrant liability	0	0
Total Liabilities	0	0
Fair Value, Recurring | Level 2 | Money Market Accounts
Assets:
Assets	0	0
Fair Value, Recurring | Level 3
Assets:
Total Assets	0	0
Liabilities:
Warrant liability	(4,336)	(2,692)
Total Liabilities	(4,336)	(2,692)
Fair value adjustment	(1,644)
Fair Value, Recurring | Level 3 | Money Market Accounts
Assets:
Assets	$ 0	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Reconciliation of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 162,075	$ 166,790
Restricted cash included in Other assets	4,873	4,873
Total cash and cash equivalents and restricted cash shown in statements of cash flows	$ 166,948	$ 171,663	$ 9,038	$ 11,982

Business Combination - Narrativ

Business Combination - Narrative (Details) - USD ($) $ in Millions	Oct. 16, 2020	Oct. 04, 2020	Mar. 31, 2021
Term Loan | Line of Credit
Business Acquisition [Line Items]
Proceeds from issuance of long-term debt	$ 25
ACH Alert
Business Acquisition [Line Items]
Cash consideration paid		$ 25
Contingent consideration		4.9
Contingent consideration to be paid in 2021		2.5
Contingent consideration to be paid in 2022		$ 2.4
Compensation expense			$ 0.6

Business Combination - Schedule

Business Combination - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Oct. 04, 2020
Assets
Increase in goodwill during period	$ 300
Goodwill	16,542	$ 16,542	$ 16,218
ACH Alert
Assets
Trade accounts receivables	915	915		$ 915
Measurement Period Adjustments, Other current assets		(14)
Other current assets	33	33		47
Property and equipment	20	20		20
Increase in goodwill during period		324
Goodwill	16,542	16,542		16,218
Intangible assets	8,450	8,450		8,450
Measurement Period Adjustments, Total assets acquired		310
Total assets acquired	25,960	25,960		25,650
Liabilities
Accounts payable	66	66		61
Measurement Period Adjustments, Accounts payable		5
Accrued liabilities	4	4		0
Measurement Period Adjustments, Accrued liabilities		4
Deferred revenues, current	170	170		170
Deferred revenues, net of current	321	321		346
Measurement Period Adjustments, Deferred revenue, net of current		(25)
Total liabilities assumed	561	561		577
Measurement Period Adjustments, Total liabilities assumed		(16)
Net assets acquired	$ 25,399	25,399		$ 25,073
Measurement Period Adjustments, Net assets acquired		$ 326

Business Combination - Schedu_2

Business Combination - Schedule of Purchased Identifiable Intangible Assets (Details) - ACH Alert $ in Thousands	Oct. 04, 2020USD ($)
Business Acquisition [Line Items]
Total identifiable intangible assets	$ 8,450
Customer relationships
Business Acquisition [Line Items]
Weighted Average Amortization Period	15 years
Total identifiable intangible assets	$ 5,100
Developed technology
Business Acquisition [Line Items]
Weighted Average Amortization Period	7 years
Total identifiable intangible assets	$ 3,300
Trade names
Business Acquisition [Line Items]
Weighted Average Amortization Period	2 years
Total identifiable intangible assets	$ 50

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 0.6	$ 0.6

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 20,544		$ 20,123
Less: accumulated depreciation	(10,236)		(9,662)
Property and equipment, net	10,308	$ 10,461	10,461
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 967		722
Software | Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	1 year
Software | Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Computers and equipment
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Property and equipment, gross	$ 3,984		3,821
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Property and equipment, gross	$ 3,930		3,930
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,663		$ 11,650
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years

Revenue and Deferred Costs - Di

Revenue and Deferred Costs - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 33,262	$ 23,210
SaaS Services
Disaggregation of Revenue [Line Items]
Total revenues	31,569	21,514
Implementation services
Disaggregation of Revenue [Line Items]
Total revenues	1,300	1,277
Other services
Disaggregation of Revenue [Line Items]
Total revenues	$ 393	$ 419

Revenue and Deferred Costs - Na

Revenue and Deferred Costs - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue recognized during period	$ 1,700,000	$ 1,800,000
Remaining performance obligation, amount	521,800,000
Impairment loss on deferred costs	0	0
Deferred Commissions Costs
Disaggregation of Revenue [Line Items]
Capitalized costs	300,000	300,000
Amortization of capitalized costs	500,000	300,000
Deferred commissions	8,800,000		$ 9,000,000
Deferred Implementation Costs
Disaggregation of Revenue [Line Items]
Capitalized costs	1,300,000	1,200,000
Amortization of capitalized costs	$ 600,000	$ 400,000

Revenue and Deferred Costs - Re

Revenue and Deferred Costs - Remaining Performance Obligation (Details)	Mar. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	43.00%
Remaining performance obligation, period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	35.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, period	25 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, period	48 months

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 15,085	$ 14,587
Allowance for doubtful accounts	(327)	(323)
Reserve for estimated credits	(144)	(161)
Accounts receivable, net	14,614	14,103
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	11,866	11,804
Unbilled Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	2,170	2,081
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 1,049	$ 702

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Bonus accrual	$ 2,332	$ 2,636
Accrued vendor purchases	3,887	2,542
Commissions accrual	1,179	1,309
Accrued hosting services	1,317	924
Client refund liability	1,098	1,362
Deferred compensation payable	1,250	625
Accrued consulting and professional fees	514	207
Accrued tax liabilities	2,373	2,394
Other accrued liabilities	2,175	1,100
Total accrued liabilities	$ 16,125	$ 13,099

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Oct. 16, 2020	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Revenue growth requirement (as a percent)	10.00%
Liquidity requirement	$ 10,000,000
Net amount		$ 24,892,000	$ 24,879,000
Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.00%
Line of Credit | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.00%
Line of Credit | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.50%
Line of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	200.00%
Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 25,000,000
Accordion feature	$ 30,000,000
Line of credit, unused capacity, commitment fee (as a percent)	0.30%
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 10,000,000
Bridge Loan | Line of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	7,500,000
Term Loan | Line of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	25,000,000
Term Loan | Line of Credit | Beginning December 31, 2021
Debt Instrument [Line Items]
Quarterly installment payments	300,000
Term Loan | Line of Credit | Beginning December 31, 2022
Debt Instrument [Line Items]
Quarterly installment payments	$ 600,000
Term Loan | Line of Credit | Minimum
Debt Instrument [Line Items]
Minimum interest rate applied to term debt (as a percent)		4.00%

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Term Debt	$ 25,000	$ 25,000
Less unamortized debt issuance costs	(108)	(121)
Net amount	24,892	24,879
Current portion of long-term debt	(625)	(313)
Long-term portion	$ 24,267	$ 24,566

Debt - Maturities of Long Term

Debt - Maturities of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2021	$ 313
2022	1,562
2023	23,125
Thereafter	0
Total	$ 25,000	$ 25,000

Debt - Schedule of Warrants Out

Debt - Schedule of Warrants Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Shares	212,408
Current FMV	$ 4,336	$ 2,692
Warrant, Series A
Class of Warrant or Right [Line Items]
Shares	40,000
Issuance price (in dollars per share)	$ 1
Current FMV	$ 938	618
Warrant, Series B, Issued July 2014
Class of Warrant or Right [Line Items]
Shares	46,875
Issuance price (in dollars per share)	$ 1.60
Current FMV	$ 1,024	657
Warrant, Series B, Issued September 2014
Class of Warrant or Right [Line Items]
Shares	15,000
Issuance price (in dollars per share)	$ 1.60
Current FMV	$ 328	210
Warrant, Series C, Issued In 2016
Class of Warrant or Right [Line Items]
Shares	46,875
Issuance price (in dollars per share)	$ 3.65
Current FMV	$ 928	566
Warrant, Series C, Issued 2017
Class of Warrant or Right [Line Items]
Shares	34,246
Issuance price (in dollars per share)	$ 3.65
Current FMV	$ 678	414
Warrant, Series E
Class of Warrant or Right [Line Items]
Shares	29,412
Issuance price (in dollars per share)	$ 8.50
Current FMV	$ 440	$ 227

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - Narrative (Details) $ / shares in Units, $ in Thousands	Apr. 13, 2021USD ($)	Mar. 31, 2021USD ($)class$ / sharesshares	Mar. 31, 2020USD ($)	Dec. 31, 2020$ / sharesshares	Sep. 23, 2020shares
Class of Stock [Line Items]
Number of classes of stock | class		7
Common stock, shares authorized | shares		101,671,156		101,671,156	101,671,156
Redeemable convertible preferred stock, authorized (in shares) | shares		72,799,602		72,799,602	72,799,602
Number of shares authorized for repurchase | shares		200,000
Common stock repurchased | $		$ 3,497	$ 0
Dividend rate (as a percent)		8.00%
Return upon redemption or liquidation (as a percent)		8.00%
Temporary equity, dividends | $		$ 7,900
Subsequent Event
Class of Stock [Line Items]
Temporary equity, dividends | $	$ 5,000
Series A Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, authorized (in shares) | shares		8,488,092		8,488,092
Conversion price (in dollars per share)		$ 1		$ 1
Liquidation preference per share (in dollars per share)		$ 1
Series B Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, authorized (in shares) | shares		8,761,982		8,761,982
Dividend rate (as a percent)		5.00%
Dividend return on conversion (as a percent)		5.00%
Conversion price (in dollars per share)		$ 1.60		$ 1.60
Liquidation preference per share (in dollars per share)		$ 1.60
Liquidation preference, accruing percentage		3.00%
Series C Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, authorized (in shares) | shares		22,600,000		22,600,000
Conversion price (in dollars per share)		$ 3.65		$ 3.65
Liquidation preference per share (in dollars per share)		$ 3.65
Series D Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, authorized (in shares) | shares		11,443,749		11,443,749
Conversion price (in dollars per share)		$ 6.13		$ 6.13
Liquidation preference per share (in dollars per share)		$ 6.1278
Series E Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, authorized (in shares) | shares		12,755,779		12,755,779
Conversion price (in dollars per share)		$ 8.50		$ 8.50
Liquidation preference per share (in dollars per share)		$ 8.50
Series F Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, authorized (in shares) | shares		8,750,000		8,750,000
Conversion price (in dollars per share)		$ 16		$ 16
Liquidation preference per share (in dollars per share)		$ 16

Redeemable Convertible Prefer_4

Redeemable Convertible Preferred Stock and Stockholders' Equity - Schedule of Preferred Stock (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Sep. 23, 2020	Mar. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Shares Authorized	72,799,602	72,799,602	72,799,602
Shares Outstanding	72,225,916	72,225,916		54,290,383	54,290,383
Redemption/ Liquidation Amounts	$ 429,495	$ 429,218
Series A Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Shares Authorized	8,488,092	8,488,092
Shares Outstanding	8,448,092	8,448,092
Redemption/ Liquidation Amounts	$ 8,448	$ 8,448
Series B Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Shares Authorized	8,761,982	8,761,982
Shares Outstanding	8,650,107	8,650,107
Redemption/ Liquidation Amounts	$ 21,741	$ 21,464
Series C Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Shares Authorized	22,600,000	22,600,000
Shares Outstanding	22,228,001	22,228,001
Redemption/ Liquidation Amounts	$ 81,132	$ 81,132
Series D Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Shares Authorized	11,443,749	11,443,749
Shares Outstanding	11,423,349	11,423,349
Redemption/ Liquidation Amounts	$ 70,000	$ 70,000
Series E Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Shares Authorized	12,755,779	12,755,779
Shares Outstanding	12,726,367	12,726,367
Redemption/ Liquidation Amounts	$ 108,174	$ 108,174
Series F Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Shares Authorized	8,750,000	8,750,000
Shares Outstanding	8,750,000	8,750,000
Redemption/ Liquidation Amounts	$ 140,000	$ 140,000

Equity Compensation Plan - Narr

Equity Compensation Plan - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 25, 2021	Feb. 10, 2021	Mar. 31, 2021	Mar. 31, 2020	Feb. 05, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable, percent of shares outstanding (as a percent)	11.00%
Shares issuable, percent of shares outstanding on last day of prior fiscal year (as a percent)	5.00%
Fair value of common stock (in dollars per share)	$ 20.80	$ 19.72			$ 19.35
Total stock-based compensation expenses			$ 1,418	$ 459
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount on share repurchase (as a percent)	15.00%
Reserve for future issuance (as a percent)	2.00%
Reserve for future issuance, evergreen provision (as a percent)	1.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	300,000	2,400,000
Exercisable, end of period (in dollars per share)	$ 18.62	$ 15.46
Expiration period	10 years	10 years
Grant date fair value of stock options granted, net of forfeitures	$ 2,900	$ 20,000
Award requisite service period	4 years	4 years
Stock options | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options that vest (in shares)		200,000
Award vesting rights (as a percent)	25.00%	25.00%
Award vesting period	1 year	1 year
Stock options | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years	3 years
Stock options | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options that vest (in shares)		2,200,000
Award vesting period		4 years

Equity Compensation Plan - Summ

Equity Compensation Plan - Summary of Weighted Average Grant Date Value of Options and Assumptions Used (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Feb. 25, 2021	Feb. 10, 2021	Feb. 05, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility (as a percent)	37.00%
Risk-free interest rate (as a percent)	0.70%
Dividends	$ 0
Weighted average grant date fair value (in dollars per share)	$ 8.47
Weighted average expected life in years	6 years 10 days
Estimated forfeiture rate (as a percent)	14.30%
Fair value of common stock (in dollars per share)		$ 20.80	$ 19.72	$ 19.35
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock (in dollars per share)	$ 19.35
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock (in dollars per share)	$ 20.80

Equity Compensation Plan - Sche

Equity Compensation Plan - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	$ 1,418	$ 459
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	233	92
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	299	105
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	103	33
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	$ 783	$ 229

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0	$ 0

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Cumulative dividends and adjustments to redeemable convertible preferred stock	$ 277	$ 277

Earnings Per Share - Computatio

Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net loss	$ (10,879)	$ (10,255)
Less: cumulative dividends and adjustments to redeemable convertible preferred stock	(277)	(277)
Net loss attributable to common stockholders	(11,156)	(10,532)
Net loss attributable to common stockholders	$ (11,156)	$ (10,532)
Weighted average shares of common stock outstanding - basic (in shares)	5,584,182	4,569,020
Weighted average shares of common stock outstanding - diluted (in shares)	5,584,182	4,569,020
Loss per common share - basic (in dollars per share)	$ (2)	$ (2.31)
Loss per common share - diluted (in dollars per share)	$ (2)	$ (2.31)

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	84,628,894	67,461,260
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	12,190,570	12,958,469
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	72,225,916	54,290,383
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents	212,408	212,408

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) ft² in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)ft²extension	Mar. 31, 2020USD ($)
Operating Leased Assets [Line Items]
Lease term	10 years
Office space (in square foot) | ft²	125
Rent expense | $	$ 1.1	$ 1.1
Lease Contractual Term One
Operating Leased Assets [Line Items]
Number of additional terms	2
Operating lease extension period	5 years
Lease Contractual Term Two
Operating Leased Assets [Line Items]
Number of additional terms	1
Operating lease extension period	10 years

Commitment and Contingencies _2

Commitment and Contingencies - Schedule of Lease Maturity (Details) $ in Thousands	Mar. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 2,741
2022	3,710
2023	3,773
2024	3,835
2025	3,898
Thereafter	10,697
Total minimum lease payments	$ 28,654

Commitment and Contingencies _3

Commitment and Contingencies - Schedule of Deferred Rent and Tenant Allowances (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Deferred rent and tenant allowance	$ 6,387	$ 6,463
Less: current portion	(661)	(596)
Deferred rent and tenant allowance, net of current portion	$ 5,726	$ 5,867

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
CU Cooperative
Related Party Transaction [Line Items]
Fees paid to related parties	$ 1	$ 1.2
Due to related party	0		$ 0.3
Former owner of ACH Alert
Related Party Transaction [Line Items]
Due from related party	$ 1.4

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 16,542	$ 16,218
Increase in goodwill during period	300
Amortization expense on intangible assets	$ 200

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Schedule of Total Intangibles, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Carrying Value	$ 8,450	$ 8,450
Accumulated Amortization	(418)	(209)
Net Carrying Value	8,032	8,241
Website domain name	25	25
Total carrying value, gross	8,475	8,475
Total net carrying value	8,057	8,266
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Carrying Value	5,100	5,100
Accumulated Amortization	(170)	(85)
Net Carrying Value	4,930	5,015
Developed technology
Finite-Lived Intangible Assets [Line Items]
Carrying Value	3,300	3,300
Accumulated Amortization	(236)	(118)
Net Carrying Value	3,064	3,182
Trade names
Finite-Lived Intangible Assets [Line Items]
Carrying Value	50	50
Accumulated Amortization	(12)	(6)
Net Carrying Value	$ 38	$ 44

Goodwill and Other Intangible_4

Goodwill and Other Intangibles - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 627
2022	830
2023	811
2024	811
2025	811
Thereafter	4,142
Net Carrying Value	$ 8,032	$ 8,241