Alkami is buying fintech Mantl for $400M

Digital banking services provider Alkami Technology is acquiring Mantl, which has been described as “the Shopify of account opening,” for $400 million. Mantl, founded in 2016 by Nathaniel Harley and Benjamin Conant, developed software to make it easier for people to open accounts digitally at community banks and credit unions. The end goal is that those institutions can increase deposits and ultimately, profits. The deal is expected to close by the end of March. Alkami told TechCrunch via email that the purchase of Mantl “will better allow financial institutions to onboard, engage and grow their account holder bases and attain a sustainable competitive edge.” Mantl will operate as a distinct business unit directly reporting to current Mantl CEO Harley, who will directly report to Alkami chief executive officer Alex Shootman. New York-based Mantl — also known as Fin Technologies — has raised more than $96 million in funding over its lifetime, according to PitchBook. Its last publicl ... Read full article.