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Digital banking services provider Alkami Technology is acquiringMantl , which has been described as “ the Shopify of account hatchway , ” for $ 400 million .
Mantl , founded in 2016 by Nathaniel Harley and Benjamin Conant , developed software to make it easy for people to open up accounts digitally at community banks and credit unions . The end end is that those foundation can increase deposits and finally , profits .
The deal is carry to close by the conclusion of March . Alkami tell TechCrunch via email that the leverage of Mantl “ will well allow fiscal institutions to onboard , affiance and develop their account holder bases and attain a sustainable competitive edge . ”
Mantl will operate as a distinguishable business unit directly reporting to current Mantl CEO Harley , who will directly report to Alkami chief executive police officer Alex Shootman .
New York - free-base Mantl — also known as Fin Technologies — has raised $ 83 million in funding over its lifetime . Its last publicly announced fundraise was in January 2023 — an extension to itsSeries Bround in which it was valued at $ 345 million spot - money , according to PitchBook .
Investors admit CapitalG — Alphabet ’s independent growth fund , Flourish Ventures , D1 Capital Partners , BoxGroup , Point72 Ventures , Clocktower Technology Ventures , and OldSlip Group , among others .
Mantl originally go down out to build its own contender camber . But the company realise there are 10,000 bank and credit unions in the U.S. , and that 96 % of them outsourced their technology to third - company legacy vendors such as Fiserv and Jack Henry , many of which have applied science that is in some casing “ decade old , ” explained Harley in a 2021 interview with TechCrunch .
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Such superannuated engineering science keeps many financial origination such as community banks and credit entry unions from vie online and trammel the digital banking choice useable to consumer , the company said .
Mantl pivoted , based on the premise that most community banks and reference unions are vital to maintaining competition and fairness in the United States ’ financial organization .
Looks like that pivot pay off .
