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Digital banking solutions provider Alkami announced late Thursday that it has signed a definitive agreement to acquire MANTL, a fintech that offers an account opening platform to community financial institutions, for an enterprise value of $400 million.
The Plano, Texas-based Alkami said the agreement is on a debt free, cash free basis and subject to customary purchase price adjustments that are expected to total $7 million. The company plans to fund the acquisition with cash of approximately $380 million and restricted stock units issued to continuing MANTL employees with an estimated value of $13 million at transaction closing in replacement for unvested compensatory stock options.
The deal, which remains subject to certain standard conditions, is expected to close on or before March 31, 2025. Alkami will provide commentary on the acquisition during its fourth quarter 2024 earnings call on Feb. 27, it said.
According to Alkami, the acquisition will position the company as the de facto digital sales and service platform provider in the financial services industry, allowing financial institutions to onboard, engage and grow their account base.
“MANTL is a leader in account opening, allowing financial institutions to boost deposit growth with a higher application conversion, higher initial funding and less fraud than competitive alternatives,” Alkami CEO Alex Shootman said. “And, when combined with Alkami’s strengths in digital banking and data and marketing, it completes the Alkami Digital Sales & Service Platform, our solution to help financial institutions land and expand the account holder relationship and create competitive advantage.”
Founded in 2016 by Nathaniel Harley and Benjamin Conant MANTL currently has 112 bank and credit union clients live on its platform that range in size from $80 million to over $20 billion in assets. The core-agnostic platform supports multiple channels and is designed to automate the account opening process for virtually all deposit account types and roles, as well as streamline the process across a financial institution’s entire operation.
“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,” Harley, MANTL’s Co-founder and CEO, said. “We are excited to join the Alkami family, a move that sets MANTL on a path to deliver even greater value to our clients and the banking industry at large.”
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
