Alkami Technology plans to acquire Mantl, a company focused on simplifying digital account openings for community financial institutions, in a $400 million deal. Mantl, founded in 2016, aims to assist banks and credit unions in increasing deposits and profitability by providing essential software solutions. This acquisition is anticipated to close by March and is seen as a strategic move to empower financial institutions against outdated technologies, fostering competition in the digital banking landscape. Mantl highlights the importance of community banks in maintaining fairness in the financial system, leading to its pivot from a challenger bank to tech provider.
Mantl, founded by Nathaniel Harley and Benjamin Conant, developed software to facilitate account openings digitally, aiming to increase deposits and profits for community banks.
Alkami's acquisition of Mantl for $400 million is aimed at enhancing financial institutions’ capabilities to onboard and engage account holders, promoting competitive advantage.
Mantl originally pursued building its own challenger bank, but pivoted to serve the underserved community banks and credit unions, adapting to the industry's needs.
Mantl's software addresses the outdated technology used by many banks, helping them compete online and offering consumers more digital banking options.
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