Alkami, a provider of cloud-based digital banking solutions, has announced its acquisition of account opening technology firm Mantl for $400 million.
Established in 2016, Mantl specializes in digital account opening solutions tailored for community banks and credit unions. The company’s technology enables financial institutions to attract commercial, business, and retail customers through multiple channels, including in-branch, call center, and digital platforms, catering to a wide variety of deposit account types.
With a client roster that includes 112 financial institutions—ranging in asset size from $80 million to over $20 billion—Mantl has reported facilitating the acquisition of over $31 billion in deposits for its clients. Additionally, the company claims its solutions have saved employees more than 350,000 hours through automation and process improvements.
Alkami asserts that this acquisition enhances its status as a leading digital sales and service platform within the financial sector, positioning it to better assist institutions in onboarding, engaging, and expanding their customer base.
Alex Shootman, CEO of Alkami, expressed his views on the merger, stating, “This strategic combination presents a significant opportunity for Alkami to increase market share and offer additional services to our existing client base, thereby fostering revenue growth and strengthening our competitive position among financial institutions.”