Alkami to Add Account Opening Solution With MANTL Acquisition

Alkami Technology said Thursday (Feb. 27) that it plans to acquire Fin Technologies (MANTL) to create a “powerhouse” digital sales and services platform for financial institutions.

The acquisition will add MANTL’s account opening solution to Alkami’s digital banking platform and data and marketing solutions, the companies said in a press release.

Subject to standard conditions, the transaction is expected to close by March 31, according to the release.

“MANTL is a leader in account opening, allowing financial institutions to boost deposit growth with higher application conversion, higher initial funding and less fraud than competitive alternatives,” Alkami CEO Alex Shootman said in the release.

“And, when combined with Alkami’s strengths in digital banking and data and marketing, it completes the Alkami Digital Sales & Services Platform, our solution to help financial institutions land and expand the account holder relationship and create competitive advantage.”

Alkami’s digital banking platform helps financial institutions onboard, engage and grow their account base, while the company’s data and marketing capabilities help financial institutions improve their cross-selling efforts, increase revenue and reduce churn, according to the release.

MANTL’s account opening solution enables the acquisition of commercial, business and retail customers through any channel — in-branch, call center and digital — and virtually any type of deposit account, per the release. It currently has 112 financial institution clients live on its platform.

“Since we founded MANTL nine years ago, our mission has remained constant: build technology that creates an equitable banking landscape where community financial institutions can not only survive but thrive,” MANTL Co-Founder and CEO Nathaniel Harley said in the release. “We are excited to join the Alkami family, a move which sets MANTL on a path to deliver even greater value to our clients and the banking industry at large.”

Alkami acquired digital solutions provider Segmint in March 2022, saying that combining the data of the two companies would provide a better view of the account holder while training Segmint’s data models for greater precision and expanding them for additional use.

In two earlier moves, Alkami acquired digital account opening and loan origination provider MK Decision in September 2021 and acquired ACH Alert, a provider of electronic payments fraud prevention technology for financial institutions of all sizes, in October 2020.