Plano, Texas-based digital banking solutions provider Alkami Technology is acquiring New Jersey-based digital account opening solution MANTL for $400 million.
MANTL was founded in 2016 by Nathaniel Harley and Benjamin Conant. According to the company, it has helped clients raise more than $31 billion in deposits since it was established. MANTL has 112 financial institutions live on its platform, ranging from $80 million to more than $20 billion in assets.
The deal is expected to close by the end of the month. According to Alkami, the acquisition “solidifies its position as the de facto digital sales and service platform in the industry, allowing financial institutions to onboard, engage and grow their account base.
“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,” said Alkami CEO Alex Shootman. “We are thrilled to welcome the MANTL team to Alkami and look forward to leveraging our collective capabilities to serve financial institutions.”