Alkami acquires MANTL to accelerate digital onboarding for banks

By Gloria Methri

Alkami Technology, a U.S.-based cloud banking solutions provider, is set to acquire MANTL, also known as Fin Technologies, for an enterprise value of $400 million, subject to a $7 million price adjustment. Alkami plans to fund the acquisition with approximately $380 million in cash and $13 million in restricted stock units for continuing MANTL employees.

MANTL is an account opening solution that enables financial institutions to onboard commercial, business, and retail customers across all channels. Its core-agnostic, multi-tenant platform automates deposit account openings across branches, call centers, and digital channels, transforming operations across front, middle, and back offices. Currently, 112 financial institutions, ranging from $80 million to over $20 billion in assets, use MANTL’s platform.

Since its founding in 2016, MANTL has helped clients raise over $31 billion in deposits and saved over 350,000 employee hours through automation. It reduces account opening times, with retail accounts completed in under five minutes—three times faster than the national benchmark—and business accounts in under 10 minutes, compared to the industry average of 3.5 hours.

This acquisition strengthens Alkami’s position as a leading digital sales and service platform, enhancing its ability to help financial institutions onboard, engage, and grow their customer base. Alkami’s digital banking solution, advanced data and marketing capabilities leverage AI-driven analytics to optimise cross-selling, boost revenue, and reduce churn. By integrating MANTL, Alkami enhances its ability to deliver seamless, secure, and efficient digital onboarding, further solidifying its leadership in the financial technology space.

Alex Shootman, Alkami Chief Executive Officer said, “MANTL is a leader in account opening, allowing financial institutions to boost deposit growth with a higher application conversion, higher initial funding, and less fraud than competitive alternatives. And, when combined with Alkami’s strengths in digital banking and data and marketing, it completes the Alkami Digital Sales and Service Platform, our solution to help financial institutions land and expand the account holder relationship and create competitive advantage.”

“Since we founded MANTL nine years ago, our mission has remained constant: build technology that creates an equitable banking landscape where community financial institutions can not only survive but thrive,” said Nathaniel Harley, MANTL co-founder and Chief Executive Officer. “We are excited to join the Alkami family, a move which sets MANTL on a path to deliver even greater value to our clients and the banking industry at large.”