US-based digital banking solutions provider Alkami Technology has agreed to acquire MANTL, an account opening platform, for an enterprise value of $400m.
The acquisition is expected to enhance Alkami’s digital banking and data and marketing solutions, creating a comprehensive digital sales and service platform for financial institutions.
Go deeper with GlobalData
The transaction, which is expected to see a customary purchase price adjustment of approximately $7m, will be funded through $380m in cash and $13m in restricted stock units for MANTL employees.
These stock units will replace unvested compensatory stock options.
MANTL’s platform stands out for its multi-tenant, core-agnostic capabilities, enabling financial institutions to support account opening across various channels, including in-branch, call centre, and digital, highlighted Alkami.
The technology automates the account opening process for a wide range of deposit account types and roles, streamlining operations across front, middle, and back-office functions.
Currently, MANTL serves 112 financial institution clients, with assets ranging from $80m to over $20bn.
Since its inception in 2016 by Nathaniel Harley and Benjamin Conant, MANTL has facilitated over $31bn in deposit raises and saved over 350,000 hours for employees through its automation and process transformation.
By acquiring MANTL, Alkami reinforces its leadership in the digital banking sector, offering financial institutions robust tools to onboard, engage, and grow their customer base.
The completion of the acquisition is anticipated by 31 March 2025, contingent on standard conditions.
Alkami CEO Alex Shootman 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 & Service Platform, our solution to help financial institutions land and expand the account holder relationship and create competitive advantage.”
