US-based fintech firm Kony has received $37m in debt funding from the Technology and Innovation Banking group of BMO.

The investment includes $10m in new financing from BMO.

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With the new capital, Kony aims to speed up the growth of its digital banking platform Kony DBX and low-code platform Kony Quantum.

Commenting on the alliance, Kony chairman and CEO Thomas Hogan said: “Finding a strong and committed capital partner who understands digital is an important complement to our market-leading IP and aggressive growth agenda in both digital banking and multi-channel low-code development.”

Kony offers pre-built, native and web apps for financial institutions as well as a purpose-built digital banking platform.

Using Kony Quantum, businesses can develop mobile and web solutions for employees and consumers on an integrated platform.

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Meanwhile, Kony DBX is designed to support frictionless digital experiences across all points of interaction.

BMO managing director of technology and innovation banking Devon Dayton said: “Companies of all sizes have come to realise the importance of leveraging digital as a strategic function.

“Kony’s solution has enabled their clients to accelerate their digital transformation.”

Earlier this year, Kony teamed up with financial data expert MX to enable banks and credit unions to offer customised financial insights to their customers.