Alkami acquires Mantl in $400m deal to boost digital account opening capabilities
Alkami Technology, a US-based digital banking solutions provider, has agreed to acquire fintech firm Mantl (also known as Fin Technologies) for an enterprise value of $400 million.
Alkami acquires Mantl for $400m
Founded in 2016, Mantl automates the account opening process for “virtually all deposit account types and roles”, including consumer and business loans and deposits, according to an Alkami statement.
Alkami says Mantl currently has “112 financial institution clients live on its platform ranging in size from $80 million to over $20 billion in assets”.
The company plans to combine Mantl’s tech with its digital banking and data and marketing solutions to enhance its account opening capabilities. CEO Alex Shootman states the deal “completes” Alkami’s Digital Sales and Service Platform.
Alkami, which snapped up account and transaction data fintech Segmint for $135.5 million in 2022, claims its data and marketing tools “improve cross-selling efforts, increase revenue and reduce churn”.
The acquisition, set to close “on or before” 31 March 2025, will be funded with approximately $380 million in cash along with restricted stock units valued at $13 million to be issued to continuing Mantl employees “in replacement for unvested compensatory stock options”, Alkami says.
Alkami’s digital banking tech was recently selected by Financial Center First Credit Union and Gate City Bank to enhance the online banking experience for customers.
