Cloud-based digital banking vendor Alkami has agreed to buy account opening technology provider Mantl in a $400 million deal.
Founded in 2016, Mantl provides digital account opening technology to community banks and credit unions, helping them to acquire commercial, business and retail customers through any channel - in-branch, call center and digital - for virtually any deposit account type.
The company has 112 financial institution clients live on its platform ranging in size from $80 million to over $20 billion in assets. IT claims to have helped these clients raise over $31 billion in deposits while saving employees over 350,000 hours through automation and process transformation.
Alkami says the deal 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.
Alex Shootman, CEO, Alkami, says: "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."