Cloud-based digital banking infrastructure provider Alkami signed an agreement late Thursday to acquire Mantl, a financial account opening software provider, for $400 million.
With the acquisition of Mantl, or Fin Technologies Inc.,
"Mantl is a leader in account opening, allowing financial institutions to boost deposit growth with higher application conversion, higher initial funding and less fraud than competitive alternatives," Alkami CEO Alex Shootman said in a statement.
"When combined with Alkami's strengths in digital banking and data and marketing, it completes the Alkami Digital Sales & Services Platform, our solution to help financial institutions land and expand the account holder relationship and create competitive advantage," Shootman said.
Mantl's edge is that it is a multi-tenant, core-agnostic single platform, meaning it can serve multiple customers through one platform, according to the company. The fintech supports
Financial institutions that rely on Mantl have faster opening times than traditional methods, the company said. For retail banking, the median account opening time with Mantl is under five minutes, or three times faster than the national median. That number is under 10 minutes for business accounts, far below the national industry average of three and a half hours. Mantl's
"This business combination creates a tremendous opportunity for Alkami to expand market share and generate cross sell within its client base, driving additional revenue growth and enhancing our competitive offering among financial institutions," Shootman said.
Mantl's account opening product originated from a collaboration the fintech company did with
The $15 billion-asset Seacoast is paying a hefty premium, but CEO Charles Shaffer called Heartland Bancshares an "incredibly valuable" franchise.
Nathaniel Harley, co-founder and CEO of Mantl, confirmed the sale in a LinkedIn post, adding that Mantl would remain operating as a stand-alone brand with a separate business unit. He confirmed he will continue to lead that unit as president.
Harley said he and co-founder Benjamin Conant launched Mantl nearly a decade ago "with the vision of building out the entire suite of banking products necessary to grow and operate efficiently."
"Our mission has always been to create an equitable banking landscape where community financial institutions don't just survive but grow and thrive," Harley said. "With hard work and relentless dedication to our customers, Mantl has become a household name among community and regional banking leaders."
The acquisition follows the company's strongest sales quarter in Mantl's history, Harley said.
"We are proud of the reputation that we have built for innovation, deep partnership, and delivering results as a transformational growth engine for banks and credit unions," Harley said.
The sale is slated to close by March 31, subject to standard conditions.
Mantl was included on American Banker's
