Alkami Technology (ALKT) 10-K 25 Feb 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Feb. 18, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 972.7
Entity Common Stock, Shares Outstanding		90,221,109
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2022 Annual Meeting of Stockholders scheduled to be held on May 18, 2022, which will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2021 are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent described therein.
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001529274
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Dallas, Texas

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents		$ 308,581	$ 166,790
Accounts receivable, net		20,821	14,103
Deferred implementation costs, current		6,272	4,745
Prepaid expenses and other current assets	[1]	9,487	7,598
Total current assets		345,161	193,236
Property and equipment, net		11,828	10,461
Deferred implementation costs, net of current portion		17,991	14,858
Intangibles, net		11,164	8,266
Goodwill		48,091	16,218
Other assets		2,275	6,127
Total assets		436,510	249,166
Current liabilities
Current portion of long-term debt		1,563	313
Accounts payable	[2]	3,649	360
Accrued liabilities		19,083	13,099
Deferred rent and tenant allowance, current		705	596
Deferred revenues, current portion		8,198	6,116
Total current liabilities		33,198	20,484
Long-term debt, net		23,053	24,566
Warrant liability		0	2,692
Deferred revenues, net of current portion		13,873	14,424
Deferred rent and tenant allowance, net of current portion		5,190	5,867
Deferred income taxes		85	0
Other non-current liabilities		16,500	1,393
Total liabilities		91,899	69,426
Commitments and contingencies (Note 12 and 14)
Redeemable convertible preferred stock, $0.001 par value, 0 and 72,799,602 shares authorized and 0 and 72,225,916 shares issued and outstanding as of December 31, 2021 and 2020, respectively		0	443,263
Stockholders’ Equity (Deficit)
Preferred stock, $0.001 par value, 10,000,000 and 0 shares authorized and 0 and 0 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively		0	0
Common stock, $0.001 par value, 500,000,000 and 101,671,156 shares authorized and 89,954,657 and 4,909,529 shares issued and outstanding as of December 31, 2021 and 2020, respectively		90	5
Additional paid-in capital		658,374	0
Accumulated deficit		(313,853)	(263,528)
Total stockholders’ equity (deficit)		344,611	(263,523)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)		$ 436,510	$ 249,166
[1]	For December 31, 2020, prepaid expenses and other current assets includes $1.4 million of related party balances. See Note 15.
[2]	Includes related party accounts payable of $0.3 million for December 31, 2020. See Note 15.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Redeemable convertible preferred stock, authorized (in shares)	0	72,799,602
Redeemable convertible preferred stock, issued (in shares)	0	72,225,916
Redeemable convertible preferred stock, outstanding (in shares)	0	72,225,916
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	10,000,000	0
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	101,671,156
Common stock, shares issued	89,954,657	4,909,529
Common stock, shares outstanding	89,954,657	4,909,529
Former owner of ACH Alert
Due from related party	$ 0	$ 1.4
CU Cooperative
Due to related party		$ 0.3

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenues		$ 152,159	$ 112,142	$ 73,541
Cost of revenues	[1]	68,352	52,986	43,106
Gross profit		83,807	59,156	30,435
Research and development		48,800	40,209	32,722
Sales and marketing		24,543	16,774	15,328
General and administrative	[2]	53,380	37,276	24,920
Total operating expenses		126,723	94,259	72,970
Loss from operations		(42,916)	(35,103)	(42,535)
Interest income		487	55	267
Interest expense		(1,186)	(489)	(110)
(Loss) gain on financial instruments		(3,035)	(15,818)	509
Loss before income taxes		(46,650)	(51,355)	(41,869)
Provision for income taxes		172	0	0
Net loss		(46,822)	(51,355)	(41,869)
Less: cumulative dividends and adjustments to redeemable convertible preferred stock		(277)	(5,290)	(1,212)
Net loss attributable to common stockholders		(47,099)	(56,645)	(43,081)
Net loss attributable to common stockholders		$ (47,099)	$ (56,645)	$ (43,081)
Net loss per share attributable to common stockholders:
Basic (in dollars per share)		$ (0.73)	$ (11.78)	$ (9.91)
Diluted (in dollars per share)		$ (0.73)	$ (11.78)	$ (9.91)
Weighted average number of shares of common stock outstanding:
Basic (in shares)		64,510,456	4,809,533	4,346,900
Diluted (in shares)		64,510,456	4,809,533	4,346,900
[1]	Includes fees paid to a significant investor of $4.4 million for each of the years ended December 31, 2021, 2020, and 2019, respectively. See Note 15.
[2]	Includes fees paid to a related party of less than $0.1 million for the year ended December 31, 2020. See Note 15.

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cost of revenues
Fees paid to related parties	$ 4.4	$ 4.4	$ 4.4
General and administrative
Fees paid to related parties		$ 0.1

CONSOLIDATED STATEMENTS OF CHAN

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, 2018	50,739,549
Beginning balance at Dec. 31, 2018	$ 178,813
Redeemable Convertible Preferred Stock
Issuance of redeemable convertible preferred stock, net of issuance (in shares)	3,540,834
Issuance of redeemable convertible preferred stock, net of issuance costs	$ 29,992
Exercised warrants (in shares)	10,000
Exercised warrants	$ 16
Cumulative dividends and adjustments to redeemable convertible preferred stock	$ 1,212
Ending balance (in shares) at Dec. 31, 2019	54,290,383
Ending balance at Dec. 31, 2019	$ 210,033
Beginning balance (in shares) at Dec. 31, 2018		4,180,280
Beginning balance at Dec. 31, 2018	(153,857)	$ 4	$ 0	$ (153,861)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,250		1,250
Exercised stock options (in shares)		357,675
Exercised stock options	298	$ 1	297
Cumulative dividends and adjustments to redeemable convertible preferred stock	(1,212)		(1,212)
Net loss	(41,869)			(41,869)
Ending balance (in shares) at Dec. 31, 2019		4,537,955
Ending balance at Dec. 31, 2019	$ (195,390)	$ 5	335	(195,730)
Redeemable Convertible Preferred Stock
Issuance of redeemable convertible preferred stock, net of issuance (in shares)	17,935,533
Issuance of redeemable convertible preferred stock, net of issuance costs	$ 227,940
Cumulative dividends and adjustments to redeemable convertible preferred stock	$ 5,290
Ending balance (in shares) at Dec. 31, 2020	72,225,916
Ending balance at Dec. 31, 2020	$ 443,263
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,954		1,954
Preferred Series E Tranche Liability	(892)		(892)
Exercised stock options (in shares)		1,706,780
Exercised stock options	1,986	$ 2	1,984
Cumulative dividends and adjustments to redeemable convertible preferred stock	(5,290)		(3,381)	(1,909)
Repurchase of common stock in tender offer (in shares)		(1,099,373)
Repurchase of common stock in tender offer	(11,329)	$ (2)		(11,327)
Repurchase of common stock (in shares)		(235,833)
Repurchase of common stock	(3,207)			(3,207)
Net loss	(51,355)			(51,355)
Ending balance (in shares) at Dec. 31, 2020		4,909,529
Ending balance at Dec. 31, 2020	(263,523)	$ 5	0	(263,528)
Redeemable Convertible Preferred Stock
Payment of Series B Dividend upon initial public offering	(4,969)
Cumulative dividends and adjustments to redeemable convertible preferred stock	$ 277
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)	(72,225,916)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	$ (438,571)
Ending balance (in shares) at Dec. 31, 2021	0
Ending balance at Dec. 31, 2021	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 14,535		14,535
Exercised stock options (in shares)	5,801,124	5,801,124
Exercised stock options	$ 9,112	$ 6	9,106
Issuance of common stock upon restricted stock unit vesting (in shares)		3,368
Common stock issued under Employee Stock Purchase Plan (ESPP) (in shares)		122,314
Common stock issued under Employee Stock Purchase Plan (ESPP)	3,005		3,005
Exercised warrants (in shares)		211,323
Exercised warrants	645		645
Cumulative dividends and adjustments to redeemable convertible preferred stock	(277)		(277)
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs (in shares)		6,900,000
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offerings costs	192,810	$ 7	192,803
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)		72,225,916
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	438,570	$ 72	438,498
Conversion of redeemable convertible preferred stock warrants to common stock warrants upon initial public offering	5,727		5,727
Cost in connection with initial public offering	(5,674)		(5,674)
Repurchase of common stock (in shares)		(218,917)
Repurchase of common stock	(3,497)		6	(3,503)
Net loss	(46,822)			(46,822)
Ending balance (in shares) at Dec. 31, 2021		89,954,657
Ending balance at Dec. 31, 2021	$ 344,611	$ 90	$ 658,374	$ (313,853)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss		$ (46,822)	$ (51,355)	$ (41,869)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		3,443	2,775	2,226
Stock-based compensation expense		14,535	1,954	1,250
Amortization of debt issuance costs		50	61	43
Loss (gain) on financial instruments		3,035	15,818	(509)
Deferred taxes		85	0	0
Changes in operating assets and liabilities:
Accounts receivable		(6,281)	(3,381)	(2,958)
Prepaid expenses and other assets		352	(4,239)	(1,130)
Accounts payable and accrued liabilities		6,825	3,069	4,003
Deferred implementation costs		(4,659)	(3,768)	(3,773)
Deferred rent and tenant allowances		(568)	226	2,001
Deferred revenues		1,046	695	1,631
Net cash used in operating activities		(28,959)	(38,145)	(39,085)
Cash flows from investing activities:
Purchases of property and equipment		(1,120)	(2,147)	(3,689)
Capitalized software development costs		(2,577)	0	0
Acquisition of business	[1]	(18,326)	(25,073)	0
Net cash used in investing activities		(22,023)	(27,220)	(3,689)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		0	25,000	0
Principal payments on debt		(313)	0	0
Borrowings on line of credit		0	13,000	0
Payments on line of credit		0	(13,000)	0
Proceeds from stock option exercises		9,112	1,986	298
Proceeds from exercise of warrants		645	0	16
Proceeds from ESPP issuance		3,005	0
Proceeds on sales of preferred stock, net of issuance costs		0	213,896	29,992
Deferred IPO issuance costs paid		(4,520)	(1,154)	0
Debt issuance costs paid		0	(135)	(80)
Payments on capital lease obligations		0	(11)	(32)
Repurchase of common stock		(3,497)	(3,207)	0
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions		192,810	0	0
Purchase of common stock in tender offer		0	(11,329)	0
Payment of Series B dividend		(4,969)	0	0
Net cash provided by financing activities		192,273	225,046	30,194
Net increase (decrease) in cash and cash equivalents and restricted cash		141,291	159,681	(12,580)
Cash, restricted cash, and cash equivalents, beginning of period		171,663	11,982	24,562
Cash, restricted cash, and cash equivalents, end of period		312,954	171,663	11,982
Supplemental disclosure of cash flow information:
Cash paid for interest		1,100	352	60
Cash paid for taxes		32	67	83
Supplemental disclosure of noncash investing and financing activities:
Accrued property additions		0	0	467
Deferred IPO offering costs not yet paid		$ 0	$ 419	$ 0
[1]	See Note 3 for additional information regarding noncash investing activities for the year ended December 31, 2021, related to the acquisition of MK.

Organization

Organization	12 Months Ended
	Dec. 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 its 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). Prior to the Company’s IPO, deferred offering costs, which consist of legal, accounting, consulting and other direct fees and costs relating to its IPO, were capitalized in prepaid expenses and other current assets. Upon consummation of the Company’s IPO, these costs were offset against the proceeds from its IPO and recorded in additional paid-in capital. In addition, in connection with its 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. With the proceeds of its IPO, the Company paid in full accumulated dividends on its previously outstanding shares of Series B redeemable convertible preferred stock, which totaled approximately $5.0 million. 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 and were classified as equity immediately prior to the effectiveness of the Company’s registration statement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 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 consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) set by the Financial Accounting Standards Board (“FASB”). References to U.S. GAAP issued by the FASB in these notes are to the FASB Accounting Standards Codification (“ASC”). The consolidated financial statements include accounts of the Company’s wholly-owned subsidiaries. All intercompany accounts and transactions are eliminated. 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 U.S. 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, deferred implementation costs, and business combinations. Operating Segments The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, which is the Company’s chief executive officer, in deciding how to make operating decisions, allocate resources and assess performance. The Company’s chief operating decision maker allocates resources and assesses performance at the consolidated level. Fair Value of Financial Instruments The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels: 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’s financial instruments consist primarily of cash, restricted cash and cash equivalents, accounts receivable, accounts payable, long-term debt, stock warrants and contingent consideration. 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, and weighted average expected life in years. The Company values contingent consideration related to business combinations using a weighted probability calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows. See Note 12 for additional information regarding fair value measurements. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At December 31, 2021 and 2020, $308.1 million and $143.3 million, respectively, was held in a cash equivalent money market account. The Company maintains its cash and cash equivalent balances at primarily one financial institution. Restricted Cash The Company defines restricted cash as cash that is legally restricted as to withdrawal or usage. The amounts included in restricted cash on the consolidated balance sheets at December 31, 2021 and December 31, 2020 represent 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”). In addition, restricted cash representing additional cash proceeds in deposit with an escrow agent for satisfaction of a holdback provision related to the acquisition of MK Decisioning Systems, LLC (“MK”) is included in the consolidated balance sheets at December 31, 2021. See Note 3 for further information. December 31, (in thousands) 2021 2020 Cash and cash equivalents $ 308,581 $ 166,790 Restricted cash included in Prepaid Expenses and other current assets 3,373 — Restricted cash included in Other assets 1,000 4,873 Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 312,954 $ 171,663 Accounts Receivable Accounts receivable represents the trade receivables billed to clients and includes unbilled amounts earned and recognized as revenues prior to period end. The accounts receivable allowance reflects a reserve that reduces the Company’s client accounts receivable to the net amount estimated to be collectible. The valuation of accounts receivable is based upon the credit-worthiness of clients, historical collection experience, and current events. Management also analyzes historical trends of credits issued to clients and specific invoices to estimate an allowance for disputed invoices and billing errors. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization, using the straight-line method based on estimated useful lives of the related assets. Leasehold improvements are stated at cost, less accumulated depreciation and amortization, using the straight-line method over the shorter of the lease term or the estimated useful lives of the related assets. Repairs and maintenance are charged to expense as incurred. Expenditures that increase the value or productive capacity of assets are capitalized. When property and equipment are retired, sold, or otherwise disposed of, the asset’s carrying amount and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statements of operations. 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 consolidated balance sheets. The Company had $2.6 million in capitalized internal software development costs as of December 31, 2021 and none as of December 31, 2020 and 2019. Capitalized software development costs are amortized using the straight-line method over the estimated useful life of the software, generally three Development Costs in a Cloud Computing Arrangement The Company capitalizes qualified development costs incurred when modifying certain internal use systems held through hosting arrangements. This is done in accordance with the requirements for capitalizing costs incurred to develop internal-use software. In accordance with current accounting guidance, these capitalized development costs are recorded within prepaid expenses and other current assets and are amortized to software license expense over the remaining fixed, non-cancellable term of the associated hosting arrangement on a straight-line basis beginning on the in-service date. The Company had $0.3 million in qualified development costs incurred in a hosting arrangement as of December 31, 2021 and none as of December 31, 2020 and 2019. As of December 31, 2021, no amounts capitalized have been placed into service. Impairment of Long-Lived Assets The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment would be recognized if the estimated undiscounted future cash flows were less than the carrying value of the related assets. Therefore the carrying amount of such assets would be reduced to fair value. There were no impairment charges for the years ended December 31, 2021, 2020, and 2019. 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 more heavily weighted 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 $0.7 million and $0.8 million as of December 31, 2021 and 2020, respectively, which are included in other assets in the accompanying 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. Deferred costs to obtain client contracts The Company capitalizes certain incremental costs of obtaining a client contract if the costs are deemed recoverable. Costs include commissions and bonuses earned by sales teams and leaders due to the execution of client contracts along with associated employer taxes. Capitalized amounts do not include commissions that are contingent on continued employment over a substantive service period. Contingent commissions are accrued as liabilities and expensed over the requisite employment service period. Deferred commissions are amortized over the benefit period of the client contract. Determining the expected benefit period over which to amortize deferred commissions requires significant judgment. The Company determines the expected benefit period based upon initial contract lengths, expected renewals and the expected benefit of the underlying technology. Deferred implementation costs The Company capitalizes certain costs to fulfill client contracts such as employee salaries, benefits, stock-based compensation and associated payroll taxes that are directly related to the implementation of its solutions and some third-party costs, such as third-party licenses and maintenance. The Company only capitalizes implementation costs that it anticipates will be recoverable under the contract. The Company begins amortizing deferred implementation costs ratably over the expected period of client benefit once access to the software-as-a-service (“SaaS”) solution is transferred to the client. Deferred implementation costs are amortized over the benefit period of the client contract. The Company determines the period of benefit by considering factors such as the length of the initial SaaS contract, the likelihood of renewal and the estimated useful life of the underlying technology. Revenue Recognition The 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 (“SSP”) is 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. As a part of its SaaS subscription services, the Company provides certain services within the SaaS platform using third-party applications. Contracts include monthly fees based on a minimum number of transactions and additional fees for transactions in excess of those minimums. Generally, minimum transaction fees are recognized on a straight-lined basis over the contract term. Variable consideration earned for transactions in excess of contractual minimums is recognized as revenue in the month the actual transactions are processed. For those services that are processed by third-party applications, management evaluates whether the Company is acting as a principal or an agent based upon the transfer of control of the services to the customer. The Company first obtains control of the inputs to the specific application and directs their use to create the combined output. The Company’s control is evidenced by its involvement in the integration of the application on its platform before it is transferred to the client and is further supported by the Company being primarily responsible to the clients and having discretion in establishing pricing. After evaluating each of the applications used to provide SaaS services, the Company has determined that it is acting as the principal in these transactions. Accordingly, the Company records the revenue on a gross basis and the related expenses are recorded as a component of cost of revenues. During the term of the contract, clients may purchase additional professional services to modify or enhance their licensed SaaS solutions. These services are distinct performance obligations recognized when control of the enhancement is transferred to the client. Cost of Revenues The Company’s cost of revenues is comprised primarily of salaries and other personnel-related costs, including employee benefits, bonuses, stock-based compensation, travel and related costs for employees supporting SaaS subscription, implementation and other services. This includes the costs of the implementation, client support and client success teams, development personnel responsible for maintaining and releasing updates to the platform, as well as third-party cloud-based hosting services. Cost of revenues also includes the direct costs of bill-pay and other third-party intellectual property included in the Company’s solutions, the amortization of deferred implementation costs and acquired technology and depreciation. Stock-Based Compensation Stock Options 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. 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, and weighted average expected life. 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”). • 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. 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. • Initial Public Offering Price and Options Granted Subsequent to April 13, 2021. The Company’s stock became actively traded upon the completion of its IPO in April 2021. For grants issued upon or subsequent to its IPO the Company establishes fair value based on the Company’s stock price. Volatility: As the Company does not have the necessary 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 paid to holders of the Company’s Series B redeemable convertible preferred stock upon the effectiveness of the Company’s IPO. 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. In addition to assumptions used in the Black-Scholes option-pricing model, the Company estimates a forfeiture rate to calculate the stock-based compensation expense for its option awards. 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. Restricted Stock Units RSUs issued upon and subsequent to the Company’s IPO vest upon the satisfaction of a time-based condition only. These RSUs are generally earned over a service period of three to four years and the compensation expense related to these awards is based on the grant date fair value of the RSUs and is recognized on a ratable basis over the applicable service period. The Company estimates a forfeiture rate to calculate the stock-based compensation expense for its RSU awards. 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. Employee Stock Purchase Plan The Company’s 2021 Employee Stock Purchase Plan (the “ESPP”) permits employees to purchase the Company's common stock through payroll deductions during six month offerings. The offering periods begin each May 16 and November 16, or such other period determined by the compensation committee. In accordance with the guidance in ASC 718-50 - Compensation - Stock Compensation, the ability to purchase shares of the Company’s common stock for 85% of the lower of the price on the first day of the offering period or the last day of the offering period (i.e. the purchase date) represents an option and, therefore, the ESPP is a compensatory plan. Accordingly, stock-based compensation expense is determined based on the grant-date fair value as estimated by applying the Black-Scholes option-pricing model and is recognized over the withholding period. Basic and Diluted Loss per Common Share Basic loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted loss per share is calculated by giving effect to all potentially dilutive common stock, which is comprised of redeemable convertible preferred stock, stock options, restricted stock units (“RSUs”), ESPP obligations, and warrants, when determining the weighted-average number of shares of common stock outstanding. Redeemable Convertible Preferred Stock Warrants The Company’s warrants issued in connection with financing and other arrangements were classified as liabilities. The warrants issued by the Company do not require net cash settlement, however, as the warrants were for the purchase of conditionally redeemable convertible preferred stock, which could have required the Company to transfer assets to the holder upon redemption, the Company recorded the warrants as liabilities on the accompanying consolidated balance sheets. The fair value of these warrants were recorded on the consolidated balance sheets at issuance and marked to market at each reporting period. The change in the fair value of the warrants was recorded in the consolidated statements of operations as a non-cash gain (loss) and was estimated based on the fair value of the redeemable convertible preferred stock to which the warrants related. In connection with the Company’s IPO in 2021, warrants converted from a liability instrument to an equity instrument resulting in a reduction of the warrant liability to $0. All warrants were subsequently exercised into the Company’s common stock as of December 31, 2021. Research and Development Research and development costs include salaries and other personnel-related costs, including employee benefits, bonuses, third-party contractor expenses, software development tools, allocated corporate expenses and other related expenses incurred in product strategy, developing new solutions and upgrading and enhancing existing solutions. Research and development costs are expensed as incurred. Sales and Marketing Sales and marketing expenses consist primarily of personnel costs of the Company’s sales, marketing and a portion of account management employees, including salaries, sales commissions (net of capitalization) and other incentive compensation, benefits and stock-based compensation expense, travel and related costs. Sales and marketing expenses also include outside consulting fees, marketing programs, including lead generation, costs of the Company’s annual client conference, advertising, trade shows, allocated corporate expenses, other event expenses, amortization of deferred commission costs and amortization of acquired client relationships. Advertising costs are expensed when incurred and were not significant for the years ended December 31, 2021, 2020, and 2019. General and Administrative General and administrative expenses consist primarily of salaries, benefits and stock-based compensation associated with executive, finance, legal, human resources, information technology, security and compliance as well as other administrative personnel. General and administrative expenses also include accounting, auditing and legal professional services fees, travel and other unallocated corporate-related expenses such as the cost of the Company’s facilities, employee relations, corporate telecommunication and software. 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. As of December 31, 2021 and 2020, no client represented more than 10% of accounts receivable. For the years ended December 31, 2021, 2020, and 2019 no client represented more than 10% of revenues. At times cash held in financial institutions may exceed Federal Deposit Insurance Corporation (“FDIC”) limits. Management periodically assesses the financial condition of the institutions to assess credit risk. To date, the Company has not experienced such losses and believes it is not exposed to significant credit risk. As of December 31, 2021 and 2020, cash exceeded FDIC limits by $307.8 million and $165.5 million, respectively. Income Taxes The Company recognizes deferred tax assets and liabilities based on the estimated future tax effects of temporary differences between the financial statement basis and tax basis of assets and liabilities given the provisions of enacted tax law. Management reviews deferred tax assets to assess their future realization by considering all available evidence, both positive and negative, to determine whether a valuation allowance is needed for all or some portion of the deferred tax assets, using a “more likely than not” standard. The assessment considers, among other matters: historical losses, a forecast of future taxable income, the duration of statutory carryback and carryforward periods, and ongoing prudent and feasible tax planning strategies. The Company reassesses the realizability of deferred tax assets regularly, and it will adjust the valuation allowance as sufficient objective positive evidence becomes available. The Company evaluates uncertain tax positions with the presumption of audit detection and applies a “more likely than not” standard to determine the recognition of any tax benefits derived from positions taken in various federal and state filings. The Company recognizes liabilities when it believes that an uncertain tax position may not be sustained upon examination by the tax authorities. The Company’s policy is to accrue interest and penalties related to uncertain tax positions as a component of income tax expense. Because of the complexity of some of these uncertainties, the ultimate resolution may differ from the amounts recognized. Business Combinations The Company’s acquisitions are accounted for using the acquisition method of business combinations accounting. The Company recognizes the consideration transferred (i.e. purchase price) in a business combination as well as the acquired business’ identifiable assets, liabilities, and any non-controlling interests at their acquisition date fair value. The excess of the consideration transferred over the fair value of the identifiable assets, liabilities, and non-controlling interest, is recorded as goodwill in the consolidated financial statements. Several valuation methods may be used to determine the fair value of assets acquired and liabilities assumed. The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The Company’s estimates are inherently uncertain and subject to refinement. Determining the useful life of an intangible asset also requires judgment as different types of intangible assets will have different useful lives and certain assets may even be considered to have indefinite useful lives. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. The Company continues to collect information and reevaluate these estimates and assumptions quarterly and record any adjustments to its preliminary estimates to goodwill, provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations. For acquisitions involving additional consideration to be transferred to the selling parties in the event certain future events occur or conditions are met (“contingent consideration”), we recognize the acquisition date fair value of contingent consideration as part of the consideration transferred in exchange for the business combination. Contingent consideration meeting the criteria to be classified as equity in the consolidated balance sheets is not remeasured, and its subsequent settlement is recorded within stockholders’ equity (deficit). Contingent consideration classified as a liability is remeasured to fair value at each reporting date until the contingency is resolved, with any changes in fair value recognized in our consolidated statements of operations. Intangible Assets Intangible assets with determinable economic lives are carried at cost, less accumulated amortization. The Company’s intangible assets are largely acquired in business combinations and include customer relationships, developed technology, and trade names. Intangible assets are amortized over the shorter of the contractual life or the estimated useful life. Intangible assets are amortized on a straight-line basis. Estimated useful lives for intangible assets primarily consist of the following: Customer relationships - 15 years Developed technology - 5 or 7 years Trade name - 2 years Amortization of acquired developed technologies is included in Cost of revenue, and amortization of acquired customer relationships and trade names is included in Sales & marketing expenses in the accompanying consolidated statements of operations. Management tests for impairment whenever events or changes in circum

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Business Combination	Business Combination ACH Alert, LLC 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 was 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 consolidated balance sheets and is accruing the estimated payouts over the requisite service period as a component of general and administrative expense on the consolidated statements of operations. For the years ended December 31, 2021 and 2020, the Company recognized compensation expense of $2.5 million and $0.6 million, respectively, 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 was finalized. The table below outlines the purchased identifiable intangible assets: Weighted Average Amortization Period Total (in years) (in thousands) Identifiable intangible assets acquired: Customer relationships 15 $ 5,100 Developed technology 7 3,300 Trade name 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. No material transaction costs are included within the consolidated statements of operations for the year ended December 31, 2021. Included within the consolidated statements of operations are transaction expenses of approximately $0.2 million for the year ended December 31, 2020. MK Decisioning Systems, LLC On September 10, 2021, the Company acquired substantially all of the assets of MK for approximately $20 million in cash consideration due at closing subject to a $2 million holdback provision held in escrow with $1 million to be released at the 12-month anniversary of close and the remainder to be released at the 18-month anniversary of close. The Company also agreed to assume certain liabilities associated with MK’s business. The integrated set of assets and activities acquired from MK through the acquisition meet the definition of a business under ASC 805, as updated by ASU 2017-01. In addition to the base purchase price, the MK acquisition also included a potential earn-out that is tied to revenue of MK from sales of its products and services within two 12-month periods (the “First Earn-Out Period” and “Second Earn-Out Period”), with the First Earn-Out Period beginning on January 1, 2022 and ending on December 31, 2022 and the Second Earn-Out Period beginning on January 1, 2023 and ending on December 31, 2023. Pursuant to the terms and conditions set forth in the purchase agreement, the earn-out amount payable, if any, to the former owners, will be a maximum of $7.5 million and $17.5 million for the First Earn-Out Period and Second Earn-Out Period, respectively, contingent on achievement of certain revenue milestones. In certain circumstances within both Earn-Out Periods, the earn-out amounts are payable in a mix of cash and shares (based on a reference price of $35 and limited to $20 million in earn-out shares) of the Company’s common stock subject to the election of the former owners. Earn-out amounts, if any, would be payable no later than 170 days after the end of each Earn-Out Period. The Company has classified the amounts held in escrow as restricted cash on the consolidated balance sheets. The fair value of the contingent earn-out as of December 31, 2021 is $15.5 million for which the balance is included in Other non-current liabilities on the consolidated balance sheets. The fair value of the contingent earn-out is included as contingent consideration in the total purchase price. The Company will remeasure the fair value of the contingent consideration on an ongoing basis and will record the adjustment to operating income or loss. Assumptions used to estimate the fair value of contingent consideration include various financial metrics (revenue performance targets and stock price forecasts) and the probability of achieving the specific targets using a geometric binomial model. Based on the final purchase accounting, the Company determined that approximately 62% of the maximum $25 million contingent consideration would be paid to the seller in accordance with the terms of the purchase agreement. The Company’s preliminary fair value estimates and assumptions to measure the assets acquired and liabilities assumed are subject to change as the Company obtains 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: (in thousands) Preliminary Fair Value as of September 10, 2021 Measurement Period Adjustments Adjusted Fair Value as of December 31, 2021 Trade accounts receivables $ 437 $ — $ 437 Other current assets 56 — 56 Property and equipment 41 — 41 Goodwill 31,849 (300) 31,549 Intangible assets 3,670 300 3,970 Total assets acquired $ 36,053 $ — $ 36,053 Accounts payable and other current liabilities $ 43 $ — $ 43 Deferred revenues, net of current 510 — 510 Total liabilities assumed 553 — 553 Net assets acquired $ 35,500 $ — $ 35,500 As of December 31, 2021, the allocation of the purchase price for MK was finalized. The table below outlines the purchased identifiable intangible assets: Weighted Average Amortization Period Total (in years) (in thousands) Customer relationships 15 $ 170 Developed technology 5 3,800 Total identifiable intangible assets $ 3,970 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. This goodwill is expected to be deductible for tax purposes. Transaction costs were $0.5 million for the year ended December 31, 2021 and were included in the consolidated statements of operations. For the year ended December 31, 2021, the Company had noncash investing activities of $17.5 million related to unpaid consideration for the acquisition of MK.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Depreciation expense, including amortization of assets held under capital leases, was $2.4 million, $2.6 million, and $2.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. Property and equipment include $0.1 million of assets subject to a capital lease as of December 31, 2020. The Company had no financing leases as of December 31, 2021. (in thousands) Useful Life December 31, 2021 December 31, 2020 Software 1 to 3 years $ 3,299 $ 722 Computers and equipment 3 years 4,854 3,821 Furniture and fixtures 5 years 3,980 3,930 Leasehold improvements 3 to 10 years 11,712 11,650 $ 23,845 $ 20,123 Less: accumulated depreciation (12,017) (9,662) Property and Equipment, net $ 11,828 $ 10,461

Revenue and Deferred Costs

Revenue and Deferred Costs	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue and Deferred Costs	Revenue and Deferred CostsThe Company derives the majority of its revenues from recurring monthly subscription fees charged for the use of its SaaS subscription services. Subscription revenues 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 usually charged a one-time, upfront implementation fee and recurring annual and monthly access fees for the use of the online digital relationship banking solution. Implementation and integration of the digital banking platform is complex, and the Company has determined that the one-time, upfront services do not transfer a promised service to the client. As these services are not distinct, they are bundled into the SaaS series of services, and the associated fees are recognized on a straight-line basis over the subscription term. Other services includes professional services and custom development. The following table disaggregates the Company's revenue by major source for the years ended December 31, 2021, 2020, and 2019: Year ended December 31, (in thousands) 2021 2020 2019 SaaS subscription services $ 143,575 $ 105,049 $ 67,313 Implementation services 6,291 5,212 4,191 Other services 2,293 1,881 2,037 Total revenues $ 152,159 $ 112,142 $ 73,541 The Company recognized approximately $6.4 million, $5.7 million, and $4.3 million of revenue during the years ended December 31, 2021, 2020, and 2019, respectively, that was included in deferred revenue in the accompanying balance sheets as of the beginning of each reporting period. For those contracts that were wholly or partially unsatisfied as of December 31, 2021, minimum contracted subscription revenues to be recognized in future periods total approximately $652.1 million. The Company expects to recognize approximately 43.6% percent of this amount as subscription services are transferred to customers over the next 24 months, an additional 33.2% percent in the next 25 to 48 months, and the balance thereafter. This estimate does not include estimated consideration for excess user and transaction processing fees that the Company expects to earn under its subscription contracts. Deferred Cost Recognition The Company capitalized $4.0 million, $3.0 million, and $2.7 million in deferred commissions costs during the years ended December 31, 2021, 2020, and 2019, respectively, and recognized amortization of $2.1 million, $1.6 million, and $1.1 million during the years ended December 31, 2021, 2020, and 2019, 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 $10.8 million and $9.0 million as of December 31, 2021 and December 31, 2020, respectively. The Company capitalized implementation costs of $6.1 million, $4.5 million, and $3.7 million during the years ended December 31, 2021, 2020, and 2019, respectively, and recognized amortization of $3.0 million, $2.2 million, and $1.6 million during the years ended December 31, 2021, 2020, and 2019, 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 years ended December 31, 2021, 2020, and 2019.

Accounts Receivable

Accounts Receivable	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable includes the following amount at December 31, 2021 and 2020: December 31, (in thousands) 2021 2020 Trade accounts receivable $ 15,991 $ 11,804 Unbilled receivables 3,677 2,081 Other receivables 1,355 702 Total receivables 21,023 14,587 Allowance for doubtful accounts (39) (323) Reserve for estimated credits (163) (161) $ 20,821 $ 14,103 The Company charged $0.1 million to bad debt expense and relieved the allowance for doubtful accounts balance in the amount of $0.4 million for the year ended December 31, 2021 for a total allowance for doubtful accounts balance of less than $0.1 million as of December 31, 2021. The Company charged $0.3 million to bad debt expense for a total allowance for doubtful accounts balance of $0.3 million as of December 31, 2020.

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following at December 31, 2021 and 2020: December 31, (in thousands) 2021 2020 Bonus accrual $ 3,725 $ 2,636 Accrued vendor purchases 2,276 2,542 Commissions accrual 2,302 1,309 Accrued hosting services 1,264 924 Client refund liability 1,004 1,362 Deferred compensation payable 625 625 Accrued consulting and professional fees 657 207 Accrued tax liabilities 3,724 2,394 MK acquisition holdback provision 1,000 — ESPP liability 821 Other accrued liabilities 1,685 1,100 Total accrued liabilities $ 19,083 $ 13,099

Debt

Debt	12 Months Ended
	Dec. 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. In addition, 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 began December 31, 2021 and continue through September 30, 2022 and increases 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 December 31, 2020. 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 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 December 31, 2021. Long-term Debt The following table summarizes long-term debt obligations as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Term Debt $ 24,688 $ 25,000 Less unamortized debt issuance costs (72) (121) Net amount 24,616 24,879 Less current maturities of long-term debt (1,563) (313) Long-term portion $ 23,053 $ 24,566 Maturities of long-term debt outstanding as of December 31, 2021, are summarized as follows (in thousands): 2022 1,563 2023 23,125 Thereafter — Total $ 24,688

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)	Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) In connection with its 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. Repurchase of Common Stock For the years ended December 31, 2021 and 2020, former employees obtained a third-party offer for the purchase of shares of common stock held in the Company of 0.2 million and 0.2 million, respectively. As the Company had the right of first refusal for the sale of these shares, the Company repurchased the shares for $3.5 million and $3.2 million in 2021 and 2020, respectively, from the former employees at the price offered. Repurchase of Common Stock in Tender Offer On October 15, 2020, the Company offered to purchase for cash of $15.74 per share of vested stock options or common stock representing up to 20% of each employee’s holdings from employees employed on September 30, 2020. The expiration date of the tender offer was November 12, 2020, and 1.1 million of vested stock options and common stock were tendered resulting in total payments of $17.4 million, which included a $6.1 million non-recurring payment for the excess of the repurchase price over the fair value of the stock on the date of repurchase, recognized as additional compensation expense in the consolidated statements of operations. Redeemable Convertible Preferred Stock As of 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. These preferred shares were classified as temporary equity within the Company’s consolidated balance sheet as of December 31, 2020. Immediately prior to the effectiveness of the Company’s registration statement relating to its IPO, the Company’s outstanding shares of redeemable convertible preferred stock converted into an aggregate of 72,225,916 shares of common stock. With the proceeds from its IPO, the Company paid in full accumulated dividends on its previously outstanding shares of Series B redeemable convertible preferred stock, which totaled approximately $5.0 million. As of December 31, 2021, there was no preferred stock issued or outstanding. Warrants 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. 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 and were classified as equity immediately prior to the effectiveness of the Company’s registration statement relating to its IPO. All warrants were exercised for aggregate proceeds of $0.6 million during the year ended December 31, 2021.

Equity Compensation

Equity Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity Compensation	Equity Compensation On February 25, 2021, the Board approved, subject to stockholder approval which, was obtained on March 23, 2021, 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 Company’s 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. The Company reserved 2,205,790 shares of common stock for future issuance under the ESPP and 2,083,476 shares remain available for future issuance. 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 its IPO after giving effect to the number of shares being sold in its 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 Long-Term Incentive Plan, as amended (the “2011 Plan”), as of immediately prior to the effectiveness of its 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. The Company reserved 12,131,846 shares of common stock for issuance pursuant to future awards under the 2021 Plan and 9,905,967 shares remain available for future issuance. Stock Options A summary of option activity is as follows: Options Outstanding (in thousands except share Number of shares Weighted average exercise price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Balance, January 1, 2021 11,603,131 $ 2.14 7.2 $ 154,581 Granted 2,811,098 16.38 Exercised (5,801,124) 1.57 (107,259) Forfeited (464,252) 7.59 (5,787) Balance, December 31, 2021 8,148,853 $ 7.14 7.4 $ 105,260 Exercisable at, December 31, 2021 4,074,965 $ 3.64 7.0 $ 66,914 The fair value of options granted was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions for the years ended December 31, 2021, 2020 and 2019 (i) expected term of 5.5 years, 5.9 years and 6.1 years, (ii) expected volatility of 36.3%, 34.8% and 32.3%, (iii) risk-free interest rate 0.67%, 0.97% and 2.0%, (iv) expected dividend yield of 0% for all periods. The total fair value of stock options vested during the years ended December 31, 2021, 2020, and 2019 was $6.4 million, $2.0 million, and $1.1 million, respectively. As of December 31, 2021, the total unrecognized stock-based compensation expense related to stock options was $22.4 million, net of forfeitures, which the Company expects to recognize over the next 2.2 years. Certain stock option grants provide the option holder the right to exercise their stock options before they vest. As of December 31, 2021 2020, and 2019, 0.7 million, 1.0 million, and $1.1 million, respectively, were exercisable that were not yet vested by the option holder at a weighted average exercise price of $3.37, $1.34, and $0.82 per share, respectively. A summary of the status of non-vested options is as follows: Number of shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 2019 5,442,275 $ 0.59 Granted 3,053,796 0.83 Forfeited (390,526) 0.65 Vested (1,893,643) 0.56 Balance, December 31, 2019 6,211,902 0.72 Granted 2,176,157 1.93 Forfeited (624,481) 0.81 Vested (2,790,823) 0.71 Balance, December 31, 2020 4,972,755 1.22 Granted 2,811,098 8.53 Forfeited (452,738) 3.76 Vested (2,543,328) 2.50 Balance, December 31, 2021 4,787,787 $ 6.10 All non-vested stock options issued as of the date of the option holder’s termination will be forfeited, except for certain non-vested stock options granted to executive management that have special vesting provisions upon involuntary termination or resignation. The special provisions call for the accelerated vesting of a portion of the options granted to the employee under certain circumstances. On November 5, 2021, the Company entered into a separation agreement with the former Chief Executive Officer of the Company. The agreement resulted in a modification of the former employee's 438,783 outstanding stock options and 50,000 RSUs, which accelerated certain vesting, resulting in the recognition of $1.9 million of incremental stock-based compensation expense for the year ended December 31, 2021. An additional $8.2 million of expense will be recognized ratably over the remaining requisite service period, through December 31, 2022. Restricted Stock Units The Company's restricted stock units vest and settle upon the satisfaction of a service condition. The service condition for the awards is satisfied over generally three Restricted stock unit activity was as follows: Number of Units Weighted Average Grant Date Fair Value Per Share Nonvested as of January 1, 2021 — $— Granted 2,915,667 28.48 Vested (3,368) 30.21 Forfeited (44,500) 28.89 Nonvested as of December 31, 2021 2,867,799 $28.48 As of December 31, 2021, the total unrecognized stock-based compensation expense related to RSUs was $64.9 million, net of forfeitures, which the Company expects to recognize over the next 3.8 years. Employee Stock Purchase Plan The first offering period commenced on May 15, 2021, and as of December 31, 2021, 112,314 shares have been issued under the ESPP. Stock-based compensation expense was included as follows: Year ended December 31, (in thousands) 2021 2020 2019 Cost of revenues $ 1,973 $ 369 $ 219 Research and development 2,915 417 323 Sales and marketing 1,028 147 97 General and administrative 8,619 1,021 611 Total stock-based compensation expenses $ 14,535 $ 1,954 $ 1,250

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of the provision for income taxes are as follows: Year ended December 31, (In thousands) 2021 2020 2019 Current: Federal $ — $ — $ — State 87 — — Total current $ 87 $ — $ — Deferred: Federal 42 — — State 43 — — Total deferred 85 — — Total provision for income taxes $ 172 $ — $ — The provision for income taxes results in effective rates that differ from the statutory rates. The following is a reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate to the total tax expense (benefit) computed at the effective tax rate: Year ended December 31, (In thousands) 2021 2020 2019 Computed tax at federal statutory rate applied to pre-tax loss $ (9,797) 21.0 % $ (10,785) 21.0 % $ (8,792) 21.0 % State income tax, net of federal tax benefit (3,927) 8.4 % (1,708) 3.3 % (940) 2.3 % Unrealized loss (gain) on tranche liability — — % 2,825 (5.5) % (62) 0.2 % Stock-based compensation (14,905) 31.9 % (746) 1.5 % 219 (0.5) % Other permanent differences, net 388 (0.8) % 174 (0.3) % 369 (1.0) % Executive compensation 578 (1.2) % — — % — — % Exercise of warrants 1,162 (2.5) % — — % — — % Return to provision adjustments (645) 1.4 % — — % — — % Other (111) 0.2 % (81) 0.1 % 7 — % Change in valuation allowance 27,429 (58.8) % 10,321 (20.1) % 9,199 (22.0) % Total $ 172 (0.4) % $ — — % $ — — % Significant components of the Company’s net deferred tax assets and liabilities were as follows as of December 31, 2021 and 2020: December 31, (In thousands) 2021 2020 Deferred tax assets: Deferred revenue $ 5,440 $ 5,060 Deferred rent 1,453 1,592 Accrued expenses 1,806 1,658 Stock-based compensation 1,927 167 Net operating loss carryforward (federal and state) 71,055 45,708 Reserve for customer credits 290 419 Goodwill 334 87 Intangible assets 247 51 Warrant liability — 616 Other 339 149 Total deferred tax assets 82,891 55,507 Valuation allowance for deferred tax assets (81,634) (54,205) Deferred tax assets, net of valuation allowance 1,257 1,302 Deferred tax liabilities: Fixed assets (637) (760) Deferred implementation costs (705) (542) Total deferred tax liabilities (1,342) (1,302) Deferred income tax liabilities, net of deferred tax assets $ (85) $ — At December 31, 2021 and 2020, the Company had federal net operating loss carryforwards of $290.2 million and $187.1 million, respectively, of which $92.6 million for both periods is subject to limited carryforward periods and begin to expire in 2031. At December 31, 2021 and 2020, the Company had various apportioned state net operating loss carryforwards of $180.0 million and $111.9 million, respectively, which are subject to varying carryforward periods that begin to expire in 2024. The Company’s ability to utilize net operating loss carry forwards and other tax attributes to reduce future federal taxable income is subject to potential limitations under Internal Revenue Code Section 382 (“Section 382”) and its related tax regulations. The utilization of these attributes may be limited if certain ownership changes by 5% stockholders (as defined in Treasury regulations pursuant to Section 382) and the effects of stock issuances by the Company during any three-year period result in a cumulative change or more than 50% in the beneficial ownership of the Company. At December 31, 2021, $16.1 million of our federal net operating loss carryforwards, which expire between 2031 and 2034, are subject to the annual utilization limitation. Subsequent ownership changes may further impact the limitation in future years. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of existing deferred tax assets. As part of the evaluation, the Company considered historical losses, future reversals of taxable temporary differences, the duration of statutory carryback and carryforward periods, and ongoing prudent and feasible tax planning strategies. As a result, at December 31, 2021 and 2020, the Company established a valuation allowance of $81.6 million and $54.2 million, respectively, for its net deferred tax assets as realization of the net deferred tax assets is not reasonably assured based upon a “more likely than not” threshold. We excluded the deferred tax liabilities related to certain indefinite-lived intangibles when calculating the valuation allowance, as these liabilities cannot be considered as a source of income when determining the realizability of the net definite-lived deferred tax assets. In addition to these indefinite-lived deferred tax liabilities, the Company also has indefinite-lived deferred tax assets which were considered as part of the Company’s net deferred tax position. The valuation allowance increased by $27.4 million and $10.3 million during the years ended December 31, 2021 and 2020, respectively. The Company files income tax returns in the U.S. federal jurisdiction and several state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for tax years before 2017. Operating losses generated in years prior to 2017 remain open to adjustment until the statute of limitations closes for the tax year in which the net operating losses are utilized. The tax years 2017 and forward remain open to examination by all the major taxing jurisdictions to which the Company is subject, though the Company is not currently under examination by any major taxing jurisdiction. The Company did not have any uncertain tax positions as of December 31, 2021 and 2020. The Company’s policy is to accrue interest and penalties related to uncertain tax positions as a component of income tax expense. For the years ended December 31, 2021 and 2020, the Company did not recognize any interest or penalties. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (“CARES”) Act. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carry back periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company elected to defer the employer side of social security payments resulting in a deferred tax asset for the years ended December 31, 2021 and 2020. The Company does not expect there to be a material impact on its financial statements, and will continue to assess the effect of the CARES Act and ongoing government guidance related to COVID-19 as it is issued.

Fair Value Measures and Disclos

Fair Value Measures and Disclosures	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Disclosures	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, stock warrants and contingent consideration. 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, and weighted average expected life in years. Changes in the fair value of warrant liabilities are recognized as a gain or loss within non-operating income (expense). In connection with the Company’s IPO, warrants converted from a liability instrument to an equity instrument resulting in a reduction of the warrant liability to $0. The Company values contingent consideration related to business combinations using a weighted probability calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows. The significant unobservable inputs used in the fair value measurement of contingent consideration related to business acquisitions are forecasts of expected future annual revenues as developed by the Company's management and the probability of achievement of those revenue forecast. Significant increases (decreases) in these unobservable inputs in isolation would likely result in a significantly (lower) higher fair value measurement. 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 December 31, 2021 and 2020 and indicates the fair value hierarchy of the valuation: Fair Value at Reporting Date Using (In thousands) December 31, 2021 Level 1 Level 2 Level 3 Assets: Cash equivalents (1) $ 308,128 $ 308,128 $ — $ — Total Assets $ 308,128 $ 308,128 $ — $ — Liabilities: Contingent consideration payable $ (15,500) $ — $ — (15,500) Total Liabilities $ (15,500) $ — $ — $ (15,500) (1) Includes cash sweep account, money market account, and money market funds that have investments in primarily U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements, U.S. Government Agency Repurchase Agreements, and corporate bonds that have a maturity of three months or less from the original acquisition date. 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 year ended December 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 Adjustment for conversion to equity accounting treatment upon IPO Ending Level 3 Fair Value at December 31, 2021 Warrant Liabilities $ (2,692) $ (3,035) $ 5,727 $ — The following table represents the changes to the Company’s contingent consideration payable (in thousands): Balance at January 1, 2021 $ — Business Combination 15,500 Balance at December 31, 2021 $ 15,500

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Net 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 and $5.3 million for the years ended December 31, 2021 and 2020, respectively. All of the Company’s outstanding series of redeemable convertible preferred stock are considered to be participating securities. The holders of the Company’s redeemable convertible preferred stock do not have a contractual obligation to share in the Company’s losses; therefore, no amount of total undistributed loss is 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 2021 and 2020, the number of shares used to calculate diluted net loss per share of common stock attributable to common stockholders is the same as the number of shares used to calculate basic net loss per share of common stock 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 years ended December 31, 2021, 2020, and 2019: Year ended December 31, (In thousands, except shares and per share amounts) 2021 2020 2019 Net loss $ (46,822) $ (51,355) $ (41,869) Less: cumulative dividends and adjustments to redeemable convertible preferred stock (277) (5,290) (1,212) Net loss attributable to common stockholders $ (47,099) $ (56,645) $ (43,081) Weighted average shares of common stock outstanding - basic and diluted 64,510,456 4,809,533 4,346,900 Loss per common share - basic and diluted $ (0.73) $ (11.78) $ (9.91) For the years ended December 31, 2021, 2020, and 2019, the following potential shares were excluded from diluted EPS as the Company had a net loss in each period presented: Year ended December 31, 2021 2020 2019 Stock options 8,148,853 11,603,131 11,857,752 Redeemable convertible preferred stock — 72,225,916 54,290,383 Warrants — 212,408 212,408 RSUs 2,867,799 — — ESPP 44,169 — — Total anti-dilutive common share equivalents 11,060,821 84,041,455 66,360,543

Commitment and Contingencies

Commitment and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating and Capital Lease Commitments The Company leases office space under non-cancellable operating leases for its corporate headquarters in Plano, Texas pursuant to a 10 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 $4.6 million, $4.7 million, and $3.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. The Company entered into a capital lease arrangement to obtain equipment for its corporate operations. This agreement expired in February 2020, and the lease was secured by the underlying leased equipment. In August 2021, the Company entered into an agreement to sublease certain premises of its offices in Plano, Texas. The sublease is classified as an operating lease and has a term of less than three years. The Company has sublease income of $0.1 million for the year ended December 31, 2021. Future minimum payments required under operating and capital leases that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2021 were as follows (in thousands): Operating Leases 2022 3,710 2023 3,773 2024 3,835 2025 3,898 2026 3,961 Thereafter 6,736 Total minimum lease payments $ 25,913 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 December 31, 2021 and 2020, the Company had deferred rent and tenant allowance balances as follows: Year ended December 31, (in thousands) 2021 2020 Deferred rent and tenant allowance $ 5,895 $ 6,463 Less: current portion (705) (596) Deferred rent and tenant allowance, net of current portion $ 5,190 $ 5,867 Contractual Commitments The Company has non-cancelable contractual commitments related to third-party products, hosting services and other service costs. The Company is party to several purchase commitments for third-party services that contain both a contractual minimum obligation and a variable obligation based upon usage or other factors which can change on a monthly basis. At December 31, 2021, the Company had approximately $18.0 million of purchase obligations in the next twelve months. 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	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions For the years ended December 31, 2021, 2020, and 2019, CU Cooperative Systems, Inc. (“CU Cooperative”), an investor who is also a vendor, was paid fees of $4.4 million in all three periods, which relates to services resold to the Company’s clients. As of December 31, 2021 the Company had no amounts due to CU Cooperative included in accounts payable, 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 year ended December 31, 2021 and 2020, the Company employed a former owner of 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, we included a receivable of $1.4 million from the former owner in prepaid and other current assets as of December 31, 2020. The Company had no significant receivable balance from the former owner as of December 31, 2021.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit PlanThe Company sponsors a 401(k) savings plan that covers substantially all employees who have attained 21 years of age. Employees can defer a portion of their annual gross compensation up to limits established by the Internal Revenue Code. The Company currently matches employee contributions at 25% of employee contributions up to 8% of salary. Matching contributions vest 20% annually. Prior to this change, the plan provided for employer contributions to be made only at the Company’s discretion. Contributions for the years ended December 31, 2021, 2020, and 2019 were $1.2 million, $1.0 million, and $0.8 million, respectively.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	12 Months Ended
	Dec. 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 performs an annual goodwill impairment test in the fourth quarter of the fiscal year. There were no indications of impairment of goodwill noted for the years ended December 31, 2021 and 2020. Goodwill has a carrying value of $48.1 million and $16.2 million as of December 31, 2021 and 2020, respectively. Total intangibles, net, consisted of the following as of December 31, 2021 and 2020: As of December 31, 2021 (In thousands) Carrying Value Accumulated Amortization Net Carrying Value Finite-lived: Customer Relationships $ 5,270 $ (428) $ 4,842 Developed Technology 7,100 (822) 6,278 Tradenames 50 (31) 19 Subtotal amortizable intangible assets 12,420 (1,281) 11,139 Website domain name 25 — 25 Total intangible assets $ 12,445 $ (1,281) $ 11,164 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 $1.1 million, $0.2 million, and $0 for the years ended December 31, 2021, 2020, 2019, respectively. The following table shows the estimated annual amortization expense of the definite-lived intangible assets for the next five years and thereafter (in thousands): 2022 $ 1,602 2023 1,583 2024 1,583 2025 1,583 2026 1,351 Thereafter 3,437 $ 11,139

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsPursuant to the terms of the annual evergreen provision in the 2021 Plan, effective January 1, 2022, the number of shares issuable thereunder automatically increased by 4,497,732 shares for a new total of 14,403,699 shares available for issuance. The Board of Directors limited the effect of the evergreen provision in the ESPP, and, effective January 1, 2022, the number of shares issuable thereunder increased by 500,000 shares for a new total of 2,583,476 shares available for issuance.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) set by the Financial Accounting Standards Board (“FASB”). References to U.S. GAAP issued by the FASB in these notes are to the FASB Accounting Standards Codification (“ASC”). The consolidated financial statements include accounts of the Company’s wholly-owned subsidiaries. All intercompany accounts and transactions are eliminated. 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	Use of Estimates The preparation of financial statements in conformity with U.S. 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, deferred implementation costs, and business combinations.
Operating Segments	Operating Segments The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, which is the Company’s chief executive officer, in deciding how to make operating decisions, allocate resources and assess performance. The Company’s chief operating decision maker allocates resources and assesses performance at the consolidated level.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels: 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’s financial instruments consist primarily of cash, restricted cash and cash equivalents, accounts receivable, accounts payable, long-term debt, stock warrants and contingent consideration. 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, and weighted average expected life in years. The Company values contingent consideration related to business combinations using a weighted probability calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows. See Note 12 for additional information regarding fair value measurements.
Cash and Cash Equivalents	Cash and Cash EquivalentsThe Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
Restricted Cash	Restricted Cash The Company defines restricted cash as cash that is legally restricted as to withdrawal or usage. The amounts included in restricted cash on the consolidated balance sheets at December 31, 2021 and December 31, 2020 represent 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”). In addition, restricted cash representing additional cash proceeds in deposit with an escrow agent for satisfaction of a holdback provision related to the acquisition of MK Decisioning Systems, LLC (“MK”) is included in the consolidated balance sheets at December 31, 2021. See Note 3 for further information.
Accounts Receivable	Accounts Receivable Accounts receivable represents the trade receivables billed to clients and includes unbilled amounts earned and recognized as revenues prior to period end. The accounts receivable allowance reflects a reserve that reduces the Company’s client accounts receivable to the net amount estimated to be collectible. The valuation of accounts receivable is based upon the credit-worthiness of clients, historical collection experience, and current events. Management also analyzes historical trends of credits issued to clients and specific invoices to estimate an allowance for disputed invoices and billing errors.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization, using the straight-line method based on estimated useful lives of the related assets. Leasehold improvements are stated at cost, less accumulated depreciation and amortization, using the straight-line method over the shorter of the lease term or the estimated useful lives of the related assets. Repairs and maintenance are charged to expense as incurred. Expenditures that increase the value or productive capacity of assets are capitalized. When property and equipment are retired, sold, or otherwise disposed of, the asset’s carrying amount and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statements of operations.
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 consolidated balance sheets. The Company had $2.6 million in capitalized internal software development costs as of December 31, 2021 and none as of December 31, 2020 and 2019. Capitalized software development costs are amortized using the straight-line method over the estimated useful life of the software, generally three Development Costs in a Cloud Computing Arrangement The Company capitalizes qualified development costs incurred when modifying certain internal use systems held through hosting arrangements. This is done in accordance with the requirements for capitalizing costs incurred to develop internal-use software. In accordance with current accounting guidance, these capitalized development costs are recorded within prepaid expenses and other current assets and are amortized to software license expense over the remaining fixed, non-cancellable term of the associated hosting arrangement on a straight-line basis beginning on the in-service date. The Company had $0.3 million in qualified development costs incurred in a hosting arrangement as of December 31, 2021 and none as of December 31, 2020 and 2019. As of December 31, 2021, no amounts capitalized have been placed into service.
Impairment of Long-Lived Assets	Impairment of Long-Lived AssetsThe Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment would be recognized if the estimated undiscounted future cash flows were less than the carrying value of the related assets. Therefore the carrying amount of such assets would be reduced to fair value.
Contract Balances and Revenue Recognition	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 more heavily weighted 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 $0.7 million and $0.8 million as of December 31, 2021 and 2020, respectively, which are included in other assets in the accompanying 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. Revenue Recognition The 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 (“SSP”) is 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. As a part of its SaaS subscription services, the Company provides certain services within the SaaS platform using third-party applications. Contracts include monthly fees based on a minimum number of transactions and additional fees for transactions in excess of those minimums. Generally, minimum transaction fees are recognized on a straight-lined basis over the contract term. Variable consideration earned for transactions in excess of contractual minimums is recognized as revenue in the month the actual transactions are processed. For those services that are processed by third-party applications, management evaluates whether the Company is acting as a principal or an agent based upon the transfer of control of the services to the customer. The Company first obtains control of the inputs to the specific application and directs their use to create the combined output. The Company’s control is evidenced by its involvement in the integration of the application on its platform before it is transferred to the client and is further supported by the Company being primarily responsible to the clients and having discretion in establishing pricing. After evaluating each of the applications used to provide SaaS services, the Company has determined that it is acting as the principal in these transactions. Accordingly, the Company records the revenue on a gross basis and the related expenses are recorded as a component of cost of revenues. During the term of the contract, clients may purchase additional professional services to modify or enhance their licensed SaaS solutions. These services are distinct performance obligations recognized when control of the enhancement is transferred to the client.
Deferred costs to obtain client contracts and Deferred implementation costs	Deferred costs to obtain client contracts The Company capitalizes certain incremental costs of obtaining a client contract if the costs are deemed recoverable. Costs include commissions and bonuses earned by sales teams and leaders due to the execution of client contracts along with associated employer taxes. Capitalized amounts do not include commissions that are contingent on continued employment over a substantive service period. Contingent commissions are accrued as liabilities and expensed over the requisite employment service period. Deferred commissions are amortized over the benefit period of the client contract. Determining the expected benefit period over which to amortize deferred commissions requires significant judgment. The Company determines the expected benefit period based upon initial contract lengths, expected renewals and the expected benefit of the underlying technology. Deferred implementation costs The Company capitalizes certain costs to fulfill client contracts such as employee salaries, benefits, stock-based compensation and associated payroll taxes that are directly related to the implementation of its solutions and some third-party costs, such as third-party licenses and maintenance. The Company only capitalizes implementation costs that it anticipates will be recoverable under the contract. The Company begins amortizing deferred implementation costs ratably over the expected period of client benefit once access to the software-as-a-service (“SaaS”) solution is transferred to the client. Deferred implementation costs are amortized over the benefit period of the client contract. The Company determines the period of benefit by considering factors such as the length of the initial SaaS contract, the likelihood of renewal and the estimated useful life of the underlying technology.
Cost of Revenues	Cost of Revenues The Company’s cost of revenues is comprised primarily of salaries and other personnel-related costs, including employee benefits, bonuses, stock-based compensation, travel and related costs for employees supporting SaaS subscription, implementation and other services. This includes the costs of the implementation, client support and client success teams, development personnel responsible for maintaining and releasing updates to the platform, as well as third-party cloud-based hosting services. Cost of revenues also includes the direct costs of bill-pay and other third-party intellectual property included in the Company’s solutions, the amortization of deferred implementation costs and acquired technology and depreciation.
Stock-Based Compensation	Stock-Based Compensation Stock Options 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. 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, and weighted average expected life. 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”). • 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. 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. • Initial Public Offering Price and Options Granted Subsequent to April 13, 2021. The Company’s stock became actively traded upon the completion of its IPO in April 2021. For grants issued upon or subsequent to its IPO the Company establishes fair value based on the Company’s stock price. Volatility: As the Company does not have the necessary 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 paid to holders of the Company’s Series B redeemable convertible preferred stock upon the effectiveness of the Company’s IPO. 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. In addition to assumptions used in the Black-Scholes option-pricing model, the Company estimates a forfeiture rate to calculate the stock-based compensation expense for its option awards. 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. Restricted Stock Units RSUs issued upon and subsequent to the Company’s IPO vest upon the satisfaction of a time-based condition only. These RSUs are generally earned over a service period of three to four years and the compensation expense related to these awards is based on the grant date fair value of the RSUs and is recognized on a ratable basis over the applicable service period. The Company estimates a forfeiture rate to calculate the stock-based compensation expense for its RSU awards. 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. Employee Stock Purchase Plan The Company’s 2021 Employee Stock Purchase Plan (the “ESPP”) permits employees to purchase the Company's common stock through payroll deductions during six month offerings. The offering periods begin each May 16 and November 16, or such other period determined by the compensation committee. In accordance with the guidance in ASC 718-50 - Compensation - Stock Compensation, the ability to purchase shares of the Company’s common stock for 85% of the lower of the price on the first day of the offering period or the last day of the offering period (i.e. the purchase date) represents an option and, therefore, the ESPP is a compensatory plan. Accordingly, stock-based compensation expense is determined based on the grant-date fair value as estimated by applying the Black-Scholes option-pricing model and is recognized over the withholding period.
Basic and Diluted Loss per Common Share	Basic and Diluted Loss per Common Share Basic loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted loss per share is calculated by giving effect to all potentially dilutive common stock, which is comprised of redeemable convertible preferred stock, stock options, restricted stock units (“RSUs”), ESPP obligations, and warrants, when determining the weighted-average number of shares of common stock outstanding.
Redeemable Convertible Preferred Stock Warrants	Redeemable Convertible Preferred Stock WarrantsThe Company’s warrants issued in connection with financing and other arrangements were classified as liabilities. The warrants issued by the Company do not require net cash settlement, however, as the warrants were for the purchase of conditionally redeemable convertible preferred stock, which could have required the Company to transfer assets to the holder upon redemption, the Company recorded the warrants as liabilities on the accompanying consolidated balance sheets. The fair value of these warrants were recorded on the consolidated balance sheets at issuance and marked to market at each reporting period. The change in the fair value of the warrants was recorded in the consolidated statements of operations as a non-cash gain (loss) and was estimated based on the fair value of the redeemable convertible preferred stock to which the warrants related. In connection with the Company’s IPO in 2021, warrants converted from a liability instrument to an equity instrument resulting in a reduction of the warrant liability to $0. All warrants were subsequently exercised into the Company’s common stock as of December 31, 2021.
Research and Development	Research and Development Research and development costs include salaries and other personnel-related costs, including employee benefits, bonuses, third-party contractor expenses, software development tools, allocated corporate expenses and other related expenses incurred in product strategy, developing new solutions and upgrading and enhancing existing solutions. Research and development costs are expensed as incurred.
Sales and Marketing, General and Administrative	Sales and Marketing Sales and marketing expenses consist primarily of personnel costs of the Company’s sales, marketing and a portion of account management employees, including salaries, sales commissions (net of capitalization) and other incentive compensation, benefits and stock-based compensation expense, travel and related costs. Sales and marketing expenses also include outside consulting fees, marketing programs, including lead generation, costs of the Company’s annual client conference, advertising, trade shows, allocated corporate expenses, other event expenses, amortization of deferred commission costs and amortization of acquired client relationships. Advertising costs are expensed when incurred and were not significant for the years ended December 31, 2021, 2020, and 2019. General and Administrative General and administrative expenses consist primarily of salaries, benefits and stock-based compensation associated with executive, finance, legal, human resources, information technology, security and compliance as well as other administrative personnel. General and administrative expenses also include accounting, auditing and legal professional services fees, travel and other unallocated corporate-related expenses such as the cost of the Company’s facilities, employee relations, corporate telecommunication and software.
Concentrations of Credit Risk	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. As of December 31, 2021 and 2020, no client represented more than 10% of accounts receivable. For the years ended December 31, 2021, 2020, and 2019 no client represented more than 10% of revenues.
Income Taxes	Income Taxes The Company recognizes deferred tax assets and liabilities based on the estimated future tax effects of temporary differences between the financial statement basis and tax basis of assets and liabilities given the provisions of enacted tax law. Management reviews deferred tax assets to assess their future realization by considering all available evidence, both positive and negative, to determine whether a valuation allowance is needed for all or some portion of the deferred tax assets, using a “more likely than not” standard. The assessment considers, among other matters: historical losses, a forecast of future taxable income, the duration of statutory carryback and carryforward periods, and ongoing prudent and feasible tax planning strategies. The Company reassesses the realizability of deferred tax assets regularly, and it will adjust the valuation allowance as sufficient objective positive evidence becomes available.
Business Combinations	Business Combinations The Company’s acquisitions are accounted for using the acquisition method of business combinations accounting. The Company recognizes the consideration transferred (i.e. purchase price) in a business combination as well as the acquired business’ identifiable assets, liabilities, and any non-controlling interests at their acquisition date fair value. The excess of the consideration transferred over the fair value of the identifiable assets, liabilities, and non-controlling interest, is recorded as goodwill in the consolidated financial statements. Several valuation methods may be used to determine the fair value of assets acquired and liabilities assumed. The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The Company’s estimates are inherently uncertain and subject to refinement. Determining the useful life of an intangible asset also requires judgment as different types of intangible assets will have different useful lives and certain assets may even be considered to have indefinite useful lives. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. The Company continues to collect information and reevaluate these estimates and assumptions quarterly and record any adjustments to its preliminary estimates to goodwill, provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations.
Intangible Assets	Intangible Assets Intangible assets with determinable economic lives are carried at cost, less accumulated amortization. The Company’s intangible assets are largely acquired in business combinations and include customer relationships, developed technology, and trade names. Intangible assets are amortized over the shorter of the contractual life or the estimated useful life. Intangible assets are amortized on a straight-line basis. Estimated useful lives for intangible assets primarily consist of the following: Customer relationships - 15 years Developed technology - 5 or 7 years Trade name - 2 years
Goodwill	Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of net assets acquired. Goodwill is not amortized, but rather the carrying amounts of these assets are assessed for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. The Company performs a quantitative goodwill assessment and determines the fair value of the reporting unit using a combination of an income approach, employing a discounted cash flow model, and a market approach.
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 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 2022 using the modified retrospective transition approach and interim periods beginning 2023. 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, 2022, with early adoption permitted. The Company expects to adopt this new standard in interim periods beginning in 2022. This ASU is not expected to have a material impact on the Company’s financial statements. Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which aligns the requirements for capitalizing development costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing development costs incurred to develop or obtain internal-use software. The new standard requires capitalized costs to be amortized on a straight-line basis generally over the term of the arrangement, and the financial statement presentation for these capitalized costs would be the same as that of the fees related to the hosting arrangements. The Company adopted this standard effective December 31, 2021, using a prospective approach. The adoption of this new standard did not have a material impact on our consolidated financial statements. Subsequent impacts on our consolidated financial statements will depend on the magnitude of implementation costs to be incurred. Development costs capitalized subsequent to adoption are recognized in operating expenses on the consolidated statements of operations over the noncancelable period of the hosting arrangement plus any renewal periods reasonably certain to be taken.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	December 31, (in thousands) 2021 2020 Cash and cash equivalents $ 308,581 $ 166,790 Restricted cash included in Prepaid Expenses and other current assets 3,373 — Restricted cash included in Other assets 1,000 4,873 Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 312,954 $ 171,663
Restrictions on Cash and Cash Equivalents	December 31, (in thousands) 2021 2020 Cash and cash equivalents $ 308,581 $ 166,790 Restricted cash included in Prepaid Expenses and other current assets 3,373 — Restricted cash included in Other assets 1,000 4,873 Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 312,954 $ 171,663

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	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 (in thousands) Preliminary Fair Value as of September 10, 2021 Measurement Period Adjustments Adjusted Fair Value as of December 31, 2021 Trade accounts receivables $ 437 $ — $ 437 Other current assets 56 — 56 Property and equipment 41 — 41 Goodwill 31,849 (300) 31,549 Intangible assets 3,670 300 3,970 Total assets acquired $ 36,053 $ — $ 36,053 Accounts payable and other current liabilities $ 43 $ — $ 43 Deferred revenues, net of current 510 — 510 Total liabilities assumed 553 — 553 Net assets acquired $ 35,500 $ — $ 35,500
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) Identifiable intangible assets acquired: Customer relationships 15 $ 5,100 Developed technology 7 3,300 Trade name 2 50 Total identifiable intangible assets $ 8,450 The table below outlines the purchased identifiable intangible assets: Weighted Average Amortization Period Total (in years) (in thousands) Customer relationships 15 $ 170 Developed technology 5 3,800 Total identifiable intangible assets $ 3,970

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	(in thousands) Useful Life December 31, 2021 December 31, 2020 Software 1 to 3 years $ 3,299 $ 722 Computers and equipment 3 years 4,854 3,821 Furniture and fixtures 5 years 3,980 3,930 Leasehold improvements 3 to 10 years 11,712 11,650 $ 23,845 $ 20,123 Less: accumulated depreciation (12,017) (9,662) Property and Equipment, net $ 11,828 $ 10,461

Revenue and Deferred Costs (Tab

Revenue and Deferred Costs (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates the Company's revenue by major source for the years ended December 31, 2021, 2020, and 2019: Year ended December 31, (in thousands) 2021 2020 2019 SaaS subscription services $ 143,575 $ 105,049 $ 67,313 Implementation services 6,291 5,212 4,191 Other services 2,293 1,881 2,037 Total revenues $ 152,159 $ 112,142 $ 73,541

Accounts Receivable (Tables)

Accounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable includes the following amount at December 31, 2021 and 2020: December 31, (in thousands) 2021 2020 Trade accounts receivable $ 15,991 $ 11,804 Unbilled receivables 3,677 2,081 Other receivables 1,355 702 Total receivables 21,023 14,587 Allowance for doubtful accounts (39) (323) Reserve for estimated credits (163) (161) $ 20,821 $ 14,103

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following at December 31, 2021 and 2020: December 31, (in thousands) 2021 2020 Bonus accrual $ 3,725 $ 2,636 Accrued vendor purchases 2,276 2,542 Commissions accrual 2,302 1,309 Accrued hosting services 1,264 924 Client refund liability 1,004 1,362 Deferred compensation payable 625 625 Accrued consulting and professional fees 657 207 Accrued tax liabilities 3,724 2,394 MK acquisition holdback provision 1,000 — ESPP liability 821 Other accrued liabilities 1,685 1,100 Total accrued liabilities $ 19,083 $ 13,099

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes long-term debt obligations as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Term Debt $ 24,688 $ 25,000 Less unamortized debt issuance costs (72) (121) Net amount 24,616 24,879 Less current maturities of long-term debt (1,563) (313) Long-term portion $ 23,053 $ 24,566
Schedule of Maturities of Long-term Debt	Maturities of long-term debt outstanding as of December 31, 2021, are summarized as follows (in thousands): 2022 1,563 2023 23,125 Thereafter — Total $ 24,688

Equity Compensation (Tables)

Equity Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Option, Activity	A summary of option activity is as follows: Options Outstanding (in thousands except share Number of shares Weighted average exercise price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Balance, January 1, 2021 11,603,131 $ 2.14 7.2 $ 154,581 Granted 2,811,098 16.38 Exercised (5,801,124) 1.57 (107,259) Forfeited (464,252) 7.59 (5,787) Balance, December 31, 2021 8,148,853 $ 7.14 7.4 $ 105,260 Exercisable at, December 31, 2021 4,074,965 $ 3.64 7.0 $ 66,914
Share-based Payment Arrangement, Expensed and Capitalized, Amount	Stock-based compensation expense was included as follows: Year ended December 31, (in thousands) 2021 2020 2019 Cost of revenues $ 1,973 $ 369 $ 219 Research and development 2,915 417 323 Sales and marketing 1,028 147 97 General and administrative 8,619 1,021 611 Total stock-based compensation expenses $ 14,535 $ 1,954 $ 1,250
Schedule of Nonvested Share Activity	A summary of the status of non-vested options is as follows: Number of shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 2019 5,442,275 $ 0.59 Granted 3,053,796 0.83 Forfeited (390,526) 0.65 Vested (1,893,643) 0.56 Balance, December 31, 2019 6,211,902 0.72 Granted 2,176,157 1.93 Forfeited (624,481) 0.81 Vested (2,790,823) 0.71 Balance, December 31, 2020 4,972,755 1.22 Granted 2,811,098 8.53 Forfeited (452,738) 3.76 Vested (2,543,328) 2.50 Balance, December 31, 2021 4,787,787 $ 6.10
Schedule of Unvested Restricted Stock Units Roll Forward	Restricted stock unit activity was as follows: Number of Units Weighted Average Grant Date Fair Value Per Share Nonvested as of January 1, 2021 — $— Granted 2,915,667 28.48 Vested (3,368) 30.21 Forfeited (44,500) 28.89 Nonvested as of December 31, 2021 2,867,799 $28.48

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of the provision for income taxes are as follows: Year ended December 31, (In thousands) 2021 2020 2019 Current: Federal $ — $ — $ — State 87 — — Total current $ 87 $ — $ — Deferred: Federal 42 — — State 43 — — Total deferred 85 — — Total provision for income taxes $ 172 $ — $ —
Schedule of Effective Income Tax Rate Reconciliation	The provision for income taxes results in effective rates that differ from the statutory rates. The following is a reconciliation of income tax expense (benefit) computed at the statutory federal income tax rate to the total tax expense (benefit) computed at the effective tax rate: Year ended December 31, (In thousands) 2021 2020 2019 Computed tax at federal statutory rate applied to pre-tax loss $ (9,797) 21.0 % $ (10,785) 21.0 % $ (8,792) 21.0 % State income tax, net of federal tax benefit (3,927) 8.4 % (1,708) 3.3 % (940) 2.3 % Unrealized loss (gain) on tranche liability — — % 2,825 (5.5) % (62) 0.2 % Stock-based compensation (14,905) 31.9 % (746) 1.5 % 219 (0.5) % Other permanent differences, net 388 (0.8) % 174 (0.3) % 369 (1.0) % Executive compensation 578 (1.2) % — — % — — % Exercise of warrants 1,162 (2.5) % — — % — — % Return to provision adjustments (645) 1.4 % — — % — — % Other (111) 0.2 % (81) 0.1 % 7 — % Change in valuation allowance 27,429 (58.8) % 10,321 (20.1) % 9,199 (22.0) % Total $ 172 (0.4) % $ — — % $ — — %
Schedule of Deferred Tax Assets and Liabilities	Significant components of the Company’s net deferred tax assets and liabilities were as follows as of December 31, 2021 and 2020: December 31, (In thousands) 2021 2020 Deferred tax assets: Deferred revenue $ 5,440 $ 5,060 Deferred rent 1,453 1,592 Accrued expenses 1,806 1,658 Stock-based compensation 1,927 167 Net operating loss carryforward (federal and state) 71,055 45,708 Reserve for customer credits 290 419 Goodwill 334 87 Intangible assets 247 51 Warrant liability — 616 Other 339 149 Total deferred tax assets 82,891 55,507 Valuation allowance for deferred tax assets (81,634) (54,205) Deferred tax assets, net of valuation allowance 1,257 1,302 Deferred tax liabilities: Fixed assets (637) (760) Deferred implementation costs (705) (542) Total deferred tax liabilities (1,342) (1,302) Deferred income tax liabilities, net of deferred tax assets $ (85) $ —

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [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 December 31, 2021 and 2020 and indicates the fair value hierarchy of the valuation: Fair Value at Reporting Date Using (In thousands) December 31, 2021 Level 1 Level 2 Level 3 Assets: Cash equivalents (1) $ 308,128 $ 308,128 $ — $ — Total Assets $ 308,128 $ 308,128 $ — $ — Liabilities: Contingent consideration payable $ (15,500) $ — $ — (15,500) Total Liabilities $ (15,500) $ — $ — $ (15,500) (1) Includes cash sweep account, money market account, and money market funds that have investments in primarily U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements, U.S. Government Agency Repurchase Agreements, and corporate bonds that have a maturity of three months or less from the original acquisition date. 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, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The reconciliations of the beginning and ending balances during the year ended December 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 Adjustment for conversion to equity accounting treatment upon IPO Ending Level 3 Fair Value at December 31, 2021 Warrant Liabilities $ (2,692) $ (3,035) $ 5,727 $ — The following table represents the changes to the Company’s contingent consideration payable (in thousands): Balance at January 1, 2021 $ — Business Combination 15,500 Balance at December 31, 2021 $ 15,500

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2021, 2020, and 2019: Year ended December 31, (In thousands, except shares and per share amounts) 2021 2020 2019 Net loss $ (46,822) $ (51,355) $ (41,869) Less: cumulative dividends and adjustments to redeemable convertible preferred stock (277) (5,290) (1,212) Net loss attributable to common stockholders $ (47,099) $ (56,645) $ (43,081) Weighted average shares of common stock outstanding - basic and diluted 64,510,456 4,809,533 4,346,900 Loss per common share - basic and diluted $ (0.73) $ (11.78) $ (9.91)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	For the years ended December 31, 2021, 2020, and 2019, the following potential shares were excluded from diluted EPS as the Company had a net loss in each period presented: Year ended December 31, 2021 2020 2019 Stock options 8,148,853 11,603,131 11,857,752 Redeemable convertible preferred stock — 72,225,916 54,290,383 Warrants — 212,408 212,408 RSUs 2,867,799 — — ESPP 44,169 — — Total anti-dilutive common share equivalents 11,060,821 84,041,455 66,360,543

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum payments required under operating and capital leases that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2021 were as follows (in thousands): Operating Leases 2022 3,710 2023 3,773 2024 3,835 2025 3,898 2026 3,961 Thereafter 6,736 Total minimum lease payments $ 25,913
Schedule of Rent Expense	As of December 31, 2021 and 2020, the Company had deferred rent and tenant allowance balances as follows: Year ended December 31, (in thousands) 2021 2020 Deferred rent and tenant allowance $ 5,895 $ 6,463 Less: current portion (705) (596) Deferred rent and tenant allowance, net of current portion $ 5,190 $ 5,867

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
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): 2022 $ 1,602 2023 1,583 2024 1,583 2025 1,583 2026 1,351 Thereafter 3,437 $ 11,139
Schedule of Finite-Lived Intangible Assets	Total intangibles, net, consisted of the following as of December 31, 2021 and 2020: As of December 31, 2021 (In thousands) Carrying Value Accumulated Amortization Net Carrying Value Finite-lived: Customer Relationships $ 5,270 $ (428) $ 4,842 Developed Technology 7,100 (822) 6,278 Tradenames 50 (31) 19 Subtotal amortizable intangible assets 12,420 (1,281) 11,139 Website domain name 25 — 25 Total intangible assets $ 12,445 $ (1,281) $ 11,164 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 December 31, 2021 and 2020: As of December 31, 2021 (In thousands) Carrying Value Accumulated Amortization Net Carrying Value Finite-lived: Customer Relationships $ 5,270 $ (428) $ 4,842 Developed Technology 7,100 (822) 6,278 Tradenames 50 (31) 19 Subtotal amortizable intangible assets 12,420 (1,281) 11,139 Website domain name 25 — 25 Total intangible assets $ 12,445 $ (1,281) $ 11,164 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

Organization (Details)

Organization (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 13, 2021	Apr. 12, 2021	Dec. 31, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized (in shares)			500,000,000	101,671,156
Redeemable convertible preferred stock, authorized (in shares)			0	72,799,602
Preferred stock converted into common stock (in shares)		72,225,916
Payment of accumulated dividends		$ 5
Number of shares converted from warrants (in shares)		212,408
IPO
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	$ 192.8
Common stock, shares authorized (in shares)	500,000,000
Redeemable convertible preferred stock, authorized (in shares)	10,000,000
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Shares sold in offering	900,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of operating segments | segment	1
Capitalized internal software development costs	$ 2,600,000	$ 0
Contract assets	700,000	800,000
Cash in excess of FDIC limits	307,800,000	165,500,000
Impairments of intangible assets	0	0	$ 0
Goodwill impairment	0	0	$ 0
Hosting Arrangements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalized internal software development costs	$ 300,000
Minimum | Software
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Useful life (in years)	3 years
Maximum | Software
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Useful life (in years)	5 years
Customer relationships
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Amortization Period	15 years
Developed technology | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Amortization Period	5 years
Developed technology | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Amortization Period	7 years
Trade name
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Amortization Period	2 years
Cash Equivalents | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 308,128,000
Cash Equivalents | Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 308,128,000
Money Market Funds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		143,277,000
Money Market Funds | Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		$ 143,277,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 308,581	$ 166,790
Restricted cash included in Prepaid Expenses and other current assets	3,373	0
Restricted cash included in Other assets	1,000	4,873
Total cash, cash equivalents, and restricted cash shown in statement of cash flows	$ 312,954	$ 171,663	$ 11,982	$ 24,562

Business Combination - Narrativ

Business Combination - Narrative (Details) $ / shares in Units, $ in Thousands		Sep. 10, 2021USD ($)extension$ / shares	Oct. 16, 2020USD ($)	Oct. 04, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Cash consideration paid	[1]				$ 18,326	$ 25,073	$ 0
Transaction expenses					0	200
Term Loan
Business Acquisition [Line Items]
Proceeds from issuance of term loan			$ 25,000
ACH Alert
Business Acquisition [Line Items]
Cash consideration paid				$ 25,000
Contingent consideration				4,900
Contingent consideration to be paid in 2021				2,500
Contingent consideration to be paid in 2022				$ 2,400
Transaction expenses					2,500	$ 600
MK Decisioning Systems, LLC
Business Acquisition [Line Items]
Cash consideration paid		$ 20,000
Contingent consideration					15,500
Transaction expenses					500
Holdback provision held in escrow		2,000
Holdback provision subject to release		$ 1,000
Escrow release period one		12 months
Escrow release period two		18 months
Number of earn-out periods | extension		2
Earn-out period		12 months
Earn-out amount, reference price (in dollars per share) | $ / shares		$ 35
Earn-out amount payable period		170 days
Contingent consideration, maximum amount to be paid (as a percent)		62.00%
Maximum amount of contingent consideration to be paid		$ 25,000
Unpaid consideration					$ 17,500
MK Decisioning Systems, LLC | Maximum | First Earn Out Period
Business Acquisition [Line Items]
Contingent consideration, maximum		7,500
MK Decisioning Systems, LLC | Maximum | Second Earn Out Period
Business Acquisition [Line Items]
Contingent consideration, maximum		17,500
MK Decisioning Systems, LLC | Maximum | Earn-Out Shares
Business Acquisition [Line Items]
Contingent consideration, maximum		$ 20,000
[1]	See Note 3 for additional information regarding noncash investing activities for the year ended December 31, 2021, related to the acquisition of MK.

Business Combination - Schedule

Business Combination - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	4 Months Ended	6 Months Ended
	Dec. 31, 2021	Mar. 31, 2021	Sep. 10, 2021	Dec. 31, 2020	Oct. 04, 2020
Assets
Goodwill	$ 48,091			$ 16,218
ACH Alert
Assets
Trade accounts receivables		$ 915			$ 915
Other current assets		33			47
Property and equipment		20			20
Goodwill		16,542			16,218
Intangible assets		8,450			8,450
Total assets acquired		25,960			25,650
Liabilities
Accounts payable		66			61
Accrued liabilities		4			0
Deferred revenues, current		170			170
Deferred revenues, net of current		321			346
Total liabilities assumed		561			577
Net assets acquired		25,399			$ 25,073
Measurement Period Adjustments
Other current assets		(14)
Goodwill		324
Total assets acquired		310
Accounts payable		5
Accrued liabilities		4
Deferred revenues, net of current		(25)
Total liabilities assumed		(16)
Net assets acquired		$ 326
MK Decisioning Systems, LLC
Assets
Trade accounts receivables	437		$ 437
Other current assets	56		56
Property and equipment	41		41
Goodwill	31,549		31,849
Intangible assets	3,970		3,670
Total assets acquired	36,053		36,053
Liabilities
Accounts payable	43		43
Deferred revenues, net of current	510		510
Total liabilities assumed	553		553
Net assets acquired	35,500		$ 35,500
Measurement Period Adjustments
Goodwill	(300)
Intangible assets	300
Total assets acquired	0
Net assets acquired	$ 0

Business Combination - Schedu_2

Business Combination - Schedule of Purchased Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 10, 2021	Oct. 04, 2020
ACH Alert
Business Acquisition [Line Items]
Total identifiable intangible assets		$ 8,450
ACH Alert | Customer relationships
Business Acquisition [Line Items]
Weighted Average Amortization Period		15 years
Total identifiable intangible assets		$ 5,100
ACH Alert | Developed technology
Business Acquisition [Line Items]
Weighted Average Amortization Period		7 years
Total identifiable intangible assets		$ 3,300
ACH Alert | Trade name
Business Acquisition [Line Items]
Weighted Average Amortization Period		2 years
Total identifiable intangible assets		$ 50
MK Decisioning Systems, LLC
Business Acquisition [Line Items]
Total identifiable intangible assets	$ 3,970
MK Decisioning Systems, LLC | Customer relationships
Business Acquisition [Line Items]
Weighted Average Amortization Period	15 years
Total identifiable intangible assets	$ 170
MK Decisioning Systems, LLC | Developed technology
Business Acquisition [Line Items]
Weighted Average Amortization Period	5 years
Total identifiable intangible assets	$ 3,800

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation	$ 2.4	$ 2.6	$ 2.2
Assets subject to capital lease		$ 0.1

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 23,845	$ 20,123
Less: accumulated depreciation	(12,017)	(9,662)
Property and equipment, net	11,828	10,461
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,299	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	$ 4,854	3,821
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Property and equipment, gross	$ 3,980	3,930
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,712	$ 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 152,159	$ 112,142	$ 73,541
SaaS subscription services
Disaggregation of Revenue [Line Items]
Total revenues	143,575	105,049	67,313
Implementation services
Disaggregation of Revenue [Line Items]
Total revenues	6,291	5,212	4,191
Other services
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,293	$ 1,881	$ 2,037

Revenue and Deferred Costs - Na

Revenue and Deferred Costs - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue recognized during period	$ 6,400,000	$ 5,700,000	$ 4,300,000
Remaining performance obligation, amount	652,100,000
Capitalized deferred commissions costs	4,000,000	3,000,000	2,700,000
Amortization of deferred commissions costs	2,100,000	1,600,000	1,100,000
Capitalized implementation costs	6,100,000	4,500,000	3,700,000
Amortization of deferred implementation costs	3,000,000	2,200,000	1,600,000
Impairment of capitalized costs	0	0	$ 0
Deferred Implementation Costs
Disaggregation of Revenue [Line Items]
Amortization of deferred commissions costs	$ 10,800,000	$ 9,000,000

Revenue and Deferred Costs - Re

Revenue and Deferred Costs - Remaining Performance Obligation (Details)	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	43.60%
Remaining performance obligation, period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	33.20%
Remaining performance obligation, period	24 months

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 21,023	$ 14,587
Allowance for doubtful accounts	(39)	(323)
Reserve for estimated credits	(163)	(161)
Accounts receivable, net	20,821	14,103
Bad debt expense	100	300
Allowance for credit loss relieved	400
Allowance for credit losses	100	300
Trade accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	15,991	11,804
Unbilled Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	3,677	2,081
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total receivables	$ 1,355	$ 702

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Bonus accrual	$ 3,725	$ 2,636
Accrued vendor purchases	2,276	2,542
Commissions accrual	2,302	1,309
Accrued hosting services	1,264	924
Client refund liability	1,004	1,362
Deferred compensation payable	625	625
Accrued consulting and professional fees	657	207
Accrued tax liabilities	3,724	2,394
MK acquisition holdback provision	1,000	0
ESPP liability	821
Other accrued liabilities	1,685	1,100
Total accrued liabilities	$ 19,083	$ 13,099

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Oct. 16, 2020	Dec. 31, 2021
Debt Instrument [Line Items]
Revenue growth requirement (as a percent)	10.00%
Liquidity requirement	$ 10,000,000
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 | Debt Repayment Period One
Debt Instrument [Line Items]
Quarterly installment payments	300,000
Term Loan | Line of Credit | Debt Repayment Period Two
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	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Term Debt	$ 24,688	$ 25,000
Less unamortized debt issuance costs	(72)	(121)
Net amount	24,616	24,879
Current portion of long-term debt	(1,563)	(313)
Long-term portion	$ 23,053	$ 24,566

Debt - Maturities of Long Term

Debt - Maturities of Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 1,563
2023	23,125
Thereafter	0
Total	$ 24,688	$ 25,000

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Details) $ / shares in Units, $ in Thousands	Apr. 12, 2021USD ($)shares	Oct. 15, 2020USD ($)$ / sharesshares	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)classshares	Dec. 31, 2019USD ($)	Apr. 13, 2021shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			500,000,000	101,671,156
Redeemable convertible preferred stock, authorized (in shares)			0	72,799,602
Number of shares authorized for repurchase (in shares)			200,000	200,000
Repurchase of common stock | $			$ 3,497	$ 3,207	$ 0
Shares repurchased, price (in dollars per share) | $ / shares		$ 15.74
Repurchase of common stock, percentage of employee holdings		20.00%
Shares repurchased during period (in shares)		1,100,000
Treasury stock acquired | $		$ 17,400
Non-recurring payment for excess of repurchase price over fair value | $		$ 6,100
Number of classes of stock | class				7
Preferred stock converted into common stock (in shares)	72,225,916
Payment of accumulated dividends | $	$ 5,000
Number of shares converted from warrants (in shares)	212,408
Proceeds from exercise of warrants | $			$ 645	$ 0	$ 16
IPO
Class of Stock [Line Items]
Common stock, shares authorized (in shares)						500,000,000
Redeemable convertible preferred stock, authorized (in shares)						10,000,000

Equity Compensation - Narrative

Equity Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 05, 2021	Feb. 25, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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%
Shares reserved for future issuance (in shares)		2,083,476
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%
Number of shares authorized for grant (in shares)		9,905,967
Fair value of stock options vested during period				$ 6,400	$ 2,000	$ 1,100
Shares exercisable, not yet vested (in shares)				700,000	1,000,000	1,100,000
Shares exercisable, not yet vested, weighted average exercise price (in dollars per share)				$ 3.37	$ 1.34	$ 0.82
Additional stock-based compensation expense				$ 1,900
Number of shares issued under employee stock purchase plan (in shares)				112,314
Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional stock-based compensation expense			$ 8,200
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)		2,205,790
Number of shares authorized for grant (in shares)		12,131,846
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term				5 years 6 months	5 years 10 months 24 days	6 years 1 month 6 days
Volatility (as a percent)				36.30%	34.80%	32.30%
Risk-free interest rate (as a percent)				0.67%	0.97%	2.00%
Expected dividend yield (as a percent)				0.00%	0.00%	0.00%
Unrecognized stock-based compensation expense				$ 22,400
Unrecognized stock-based compensation expense, period of recognition				2 years 2 months 12 days
Accelerated vesting, number of shares (in shares)	438,783
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense				$ 64,900
Unrecognized stock-based compensation expense, period of recognition				3 years 9 months 18 days
Accelerated vesting, number of shares (in shares)	50,000
Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service condition period				3 years
Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service condition period				4 years

Equity Compensation - Summary o

Equity Compensation - Summary of Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of shares
Options outstanding, beginning balance (in shares)	11,603,131
Granted (in shares)	2,811,098	2,176,157	3,053,796
Exercised stock options (in shares)	(5,801,124)
Forfeited (in shares)	(464,252)
Options outstanding, ending balance (in shares)	8,148,853	11,603,131
Exercisable at December 31, 2021 (in shares)	4,074,965
Weighted average exercise price
Options outstanding, beginning balance (in dollars per share)	$ 2.14
Granted (in dollars per share)	16.38
Exercised (in dollars per share)	1.57
Forfeited (in dollars per share)	7.59
Options outstanding, ending balance (in dollars per share)	7.14	$ 2.14
Exercisable at December 31, 2021 (in dollars per share)	$ 3.64
Weighted Average Remaining Contractual Life
Outstanding	7 years 4 months 24 days	7 years 2 months 12 days
Exercisable	7 years
Aggregate Intrinsic Value
Outstanding	$ 105,260	$ 154,581
Exercised	(107,259)
Forfeited	(5,787)
Exercisable	$ 66,914

Equity Compensation - Summary_2

Equity Compensation - Summary of Non-Vested Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of shares
Beginning balance (in shares)	4,972,755	6,211,902	5,442,275
Granted (in shares)	2,811,098	2,176,157	3,053,796
Forfeited (in shares)	(452,738)	(624,481)	(390,526)
Vested (in shares)	(2,543,328)	(2,790,823)	(1,893,643)
Ending balance (in shares)	4,787,787	4,972,755	6,211,902
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 6.10	$ 1.22	$ 0.72	$ 0.59
Granted (in dollars per share)	8.53	1.93	0.83
Forfeited (in dollars per share)	3.76	0.81	0.65
Vested (in dollars per share)	2.50	0.71	0.56
Ending balance (in dollars per share)	$ 6.10	$ 1.22	$ 0.72

Equity Compensation - Schedule

Equity Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Number of Units
Nonvested, beginning balance (in shares) | shares	0
Granted (in shares) | shares	2,915,667
Vested (in shares) | shares	(3,368)
Forfeited (in shares) | shares	(44,500)
Nonvested, ending balance (in shares) | shares	2,867,799
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	28.48
Vested (in dollars per share) | $ / shares	30.21
Forfeited (in dollars per share) | $ / shares	28.89
Ending balance (in dollars per share) | $ / shares	$ 28.48

Equity Compensation - Schedul_2

Equity Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	$ 14,535	$ 1,954	$ 1,250
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	1,973	369	219
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	2,915	417	323
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	1,028	147	97
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expenses	$ 8,619	$ 1,021	$ 611

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 0	$ 0	$ 0
State	87	0	0
Total current	87	0	0
Deferred:
Federal	42	0	0
State	43	0	0
Total deferred	85	0	0
Total provision for income taxes	$ 172	$ 0	$ 0

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Computed tax at federal statutory rate applied to pre-tax loss	$ (9,797)	$ (10,785)	$ (8,792)
State income tax, net of federal tax benefit	(3,927)	(1,708)	(940)
Unrealized loss (gain) on tranche liability	0	2,825	(62)
Stock-based compensation	(14,905)	(746)	219
Other permanent differences, net	388	174	369
Executive compensation	578	0	0
Exercise of warrants	1,162	0	0
Return to provision adjustments	(645)	0	0
Other	(111)	(81)	7
Change in valuation allowance	27,429	10,321	9,199
Total	$ 172	$ 0	$ 0
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Computed tax at federal statutory rate applied to pre-tax loss (as a percent)	21.00%	21.00%	21.00%
State income tax, net of federal tax benefit (as a percent)	8.40%	3.30%	2.30%
Unrealized loss on tranche liability (as a percent)	0.00%	(5.50%)	0.20%
Stock-based compensation (as a percent)	31.90%	1.50%	(0.50%)
Other permanent differences, net (as a percent)	(0.80%)	(0.30%)	(1.00%)
Executive compensation (as a percent)	(1.20%)	0.00%	0.00%
Exercise of warrants (as a percent)	(2.50%)	0.00%	0.00%
Return to provision adjustment (as a percent)	1.40%	0.00%	0.00%
Other (as a percent)	0.20%	0.10%	0.00%
Valuation allowance increase (as a percent)	(58.80%)	(20.10%)	(22.00%)
Total (as a percent)	(0.40%)	0.00%	0.00%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Deferred revenue	$ 5,440	$ 5,060
Deferred rent	1,453	1,592
Accrued expenses	1,806	1,658
Stock-based compensation	1,927	167
Net operating loss carryforward (federal and state)	71,055	45,708
Reserve for customer credits	290	419
Goodwill	334	87
Intangible assets	247	51
Warrant liability	0	616
Other	339	149
Total deferred tax assets	82,891	55,507
Valuation allowance for deferred tax assets	(81,634)	(54,205)
Deferred tax assets, net of valuation allowance	1,257	1,302
Deferred tax liabilities:
Fixed assets	(637)	(760)
Deferred implementation costs	(705)	(542)
Total deferred tax liabilities	(1,342)	(1,302)
Deferred income tax liabilities, net of deferred tax assets	$ (85)	$ 0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards subject to expiration	$ 16,100
Valuation allowance	81,634	$ 54,205
Increase in valuation allowance during period	27,400	10,300
Tax Years Beginning 2031
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	92,600	92,600
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	290,200	187,100
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 180,000	$ 111,900

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Summary of Fair Value of Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Total Assets	$ 308,128	$ 143,277
Liabilities:
Contingent consideration payable	(15,500)
Warrant Liabilities		(2,692)
Total Liabilities	(15,500)	(2,692)
Fair Value, Inputs, Level 1
Assets:
Total Assets	308,128	143,277
Liabilities:
Contingent consideration payable	0
Warrant Liabilities		0
Total Liabilities	0	0
Fair Value, Inputs, Level 2
Assets:
Total Assets	0	0
Liabilities:
Contingent consideration payable	0
Warrant Liabilities		0
Total Liabilities	0	0
Fair Value, Inputs, Level 3
Assets:
Total Assets	0	0
Liabilities:
Contingent consideration payable	(15,500)
Warrant Liabilities	0	(2,692)
Total Liabilities	(15,500)	(2,692)
Cash Equivalents
Assets:
Assets	308,128
Cash Equivalents | Fair Value, Inputs, Level 1
Assets:
Assets	308,128
Cash Equivalents | Fair Value, Inputs, Level 2
Assets:
Assets	0
Cash Equivalents | Fair Value, Inputs, Level 3
Assets:
Assets	$ 0
Money Market Funds
Assets:
Assets		143,277
Money Market Funds | Fair Value, Inputs, Level 1
Assets:
Assets		143,277
Money Market Funds | Fair Value, Inputs, Level 2
Assets:
Assets		0
Money Market Funds | Fair Value, Inputs, Level 3
Assets:
Assets		$ 0

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Reconciliation of Beginning and Ending Balances For Level 3 Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at January 1, 2021	$ 0
Business Combination	15,500
Balance at December 31, 2021	15,500
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant Liabilities		$ (2,692)
Fair Value, Inputs, Level 3 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant Liabilities	0	$ (2,692)
Fair value adjustment	(3,035)
Adjustment for conversion to equity accounting treatment upon IPO	$ 5,727

Earnings Per Share - Computatio

Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net loss	$ (46,822)	$ (51,355)	$ (41,869)
Less: cumulative dividends and adjustments to redeemable convertible preferred stock	(277)	(5,290)	(1,212)
Net loss attributable to common stockholders	$ (47,099)	$ (56,645)	$ (43,081)
Weighted average common shares outstanding - basic (in shares)	64,510,456	4,809,533	4,346,900
Weighted average common shares outstanding - diluted (in shares)	64,510,456	4,809,533	4,346,900
Loss per common share - basic (in dollars per share)	$ (0.73)	$ (11.78)	$ (9.91)
Loss per common share - diluted (in dollars per share)	$ (0.73)	$ (11.78)	$ (9.91)

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	11,060,821	84,041,455	66,360,543
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	8,148,853	11,603,131	11,857,752
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	0	72,225,916	54,290,383
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	0	212,408	212,408
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	2,867,799	0	0
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	44,169	0	0

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) ft² in Thousands, $ in Millions	Aug. 31, 2021	Dec. 31, 2021USD ($)ft²extension	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Operating Leased Assets [Line Items]
Lease term	3 years	10 years
Office space (in square feet) | ft²		125
Rent expense		$ 4.6	$ 4.7	$ 3.8
Sublease income		0.1
Purchase obligation in next twelve months		$ 18
Lease Contractual Term One
Operating Leased Assets [Line Items]
Number of additional terms | extension		2
Operating lease extension period		5 years
Lease Contractual Term Two
Operating Leased Assets [Line Items]
Number of additional terms | extension		1
Operating lease extension period		10 years

Commitment and Contingencies _2

Commitment and Contingencies - Schedule of Lease Maturity (Details) $ in Thousands	Dec. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 3,710
2023	3,773
2024	3,835
2025	3,898
2026	3,961
Thereafter	6,736
Total minimum lease payments	$ 25,913

Commitment and Contingencies _3

Commitment and Contingencies - Schedule of Deferred Rent and Tenant Allowances (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Deferred rent and tenant allowance	$ 5,895	$ 6,463
Less: current portion	(705)	(596)
Deferred rent and tenant allowance, net of current portion	$ 5,190	$ 5,867

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CU Cooperative
Related Party Transaction [Line Items]
Fees paid to related parties	$ 4.4	$ 4.4	$ 4.4
Due to related party		$ 0.3
Capital stock held (as a percent)		5.00%
Former owner of ACH Alert
Related Party Transaction [Line Items]
Due from related party	$ 0	$ 1.4

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Percent of matching employee contributions	25.00%
Percent of salary	8.00%
Vesting percentage	20.00%
Contribution amount	$ 1.2	$ 1	$ 0.8

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 48,091	$ 16,218
Amortization expense on intangible assets	$ 1,100	$ 200	$ 0

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Schedule of Total Intangibles, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Carrying Value	$ 12,420	$ 8,450
Accumulated Amortization	(1,281)	(209)
Net Carrying Value	11,139	8,241
Website domain name	25	25
Total carrying value, gross	12,445	8,475
Total net carrying value	11,164	8,266
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Carrying Value	5,270	5,100
Accumulated Amortization	(428)	(85)
Net Carrying Value	4,842	5,015
Developed technology
Finite-Lived Intangible Assets [Line Items]
Carrying Value	7,100	3,300
Accumulated Amortization	(822)	(118)
Net Carrying Value	6,278	3,182
Trade name
Finite-Lived Intangible Assets [Line Items]
Carrying Value	50	50
Accumulated Amortization	(31)	(6)
Net Carrying Value	$ 19	$ 44

Goodwill and Other Intangible_4

Goodwill and Other Intangibles - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 1,602
2023	1,583
2024	1,583
2025	1,583
2026	1,351
Thereafter	3,437
Net Carrying Value	$ 11,139	$ 8,241

Subsequent Events (Details)

Subsequent Events (Details) - shares	Jan. 01, 2022	Feb. 25, 2021
Subsequent Event [Line Items]
Number of shares authorized for grant (in shares)		9,905,967
ESPP
Subsequent Event [Line Items]
Number of shares authorized for grant (in shares)		12,131,846
ESPP | Subsequent Event | 2021 Incentive Award Plan
Subsequent Event [Line Items]
Additional shares authorized	4,497,732
Number of shares authorized for grant (in shares)	14,403,699
ESPP | Subsequent Event | 2021 Employee Stock Purchase Plan
Subsequent Event [Line Items]
Additional shares authorized	500,000
Number of shares authorized for grant (in shares)	2,583,476