Alkami buys Fintech Mantl for $ 400 million

The Alkami Technology Digital Bank Services Provider is acquired Mantlwhich is described as “Shopify of Opening Account” for $ 400 million.

MantlFounded in 2016 by Nathaniel Harley and Benjamin Konant, it has developed software to make it easier for people to open digit accounts to community and credit unions. The ultimate goal is that these institutions can increase deposits and ultimately profits.

The deal is expected to end by the end of March. Alcami told TechCrunch by email, the purchase of MANTL “will allow better financial institutions to get up, engage and develop their bases as account holders and to achieve a sustainable competitive advantage.”

New York-based MANTL, also known as Fin Technologies, has raised over $ 96 million in funding throughout her life, according to PitchbookS His last publicly announced fundraising was in January 2023 – extension of his Series B A circle in which he was estimated at $ 345 million after money, according to Pitchbook.

Investors include Capitalg – an independent growth fund for Alphabet, Flourish Ventures, D1 Capital Partners, Boxgroup, Point72 Ventures, Clocktower Technology Ventures and Oldslip Group.

Initially, Mantl began to build his own Challenger Bank. But the company realized that the United States has 10,000 banks and credit unions and that 96% of them have assigned their third -country technology, such as Fiserv and Jack Henry, many of which have technology that is in some cases “decades”, Harley explained in an interview with 2021 with Techcrunch.

Such outdated technology protects many financial institutions such as Community banks and credit unions from competition online, and also limits the digital banking options available to consumers, the company said.

Mantl is aimed at the basis of the prerequisite that most banks and credit unions are crucial to maintaining competition and justice in the United States financial system.

This rotation seems to have paid off.