Alkami Technology Acquires Mantl for $400 Million to Strengthen Digital Banking Solutions

Active acquisition Alkami Technology complete on Mantl at $400 million for better digital banking solutions and even expanded fintech services for community banks and credit unions.

Alkami Technology announced this acquisition for $400 million to obtain Mantl, a fintech company simplifying account opening procedures for community banks and credit unions. That deal is expected to close by the end of March for Alkami to continue expanding its digital banking offerings and policies, with the intent toward better overall account holder onboarding, engagement, and growth.

Founded in 2016, Mantl created software to help increase deposits and ultimately profits for financial institutions through simplified account opening processes. This company had a very lofty goal of creating a challenger bank, but quickly pivoted to its real focus of helping community banks and credit unions that continue to rely on outdated technology from third parties. Mantl allows them to compete better against larger financial organizations in the digital space.

Not yet to be identified with Fin Technologies associated with New York, Mantl has been funded with over $96 million with investors such as CapitalG, Flourish Ventures, and D1 Capital Partners. The last valuation made its valuation shoot to $345 million in 2023.

Mantl will be allowed as an independent business unit under Alkami, wherein the CEO Nathaniel Harley will report directly to Alkami's CEO, Alex Shootman. According to this acquisition, Alkami further strengthens the fintech solutions through a well-positioned competition for financial institutions in the evolving digital banking landscape.