Alkami Technology, Inc., a prominent provider of cloud-based digital banking solutions for U.S. financial institutions, has announced a definitive agreement to acquire Fin Technologies, Inc. (“MANTL”) for an enterprise value of $400 million. The transaction is structured on a debt-free, cash-free basis and includes customary purchase price adjustments estimated at $7 million. Alkami intends to finance the acquisition with approximately $380 million in cash and will issue restricted stock units valued at $13 million to retain MANTL employees, replacing unvested compensatory stock options upon closing.
MANTL is renowned for its premier account opening solution, enabling financial institutions to efficiently onboard commercial, business, and retail customers across various channels for virtually any deposit account type. The integration of MANTL’s capabilities with Alkami’s Digital Banking and Data & Marketing Solutions will establish a leading digital sales and service platform for financial institutions.
Distinctively, MANTL offers a multi-tenant, core-agnostic platform that supports account openings through digital, in-branch, and call center channels. It automates the process for nearly all deposit account types and roles, transforming operations across front, middle, and back offices. Currently, 112 financial institutions, ranging from $80 million to over $20 billion in assets, utilize MANTL’s platform.
Founded in 2016 by Nathaniel Harley and Benjamin Conant, MANTL has facilitated over $31 billion in deposits for its clients and saved employees more than 350,000 hours through automation and process enhancements. Financial institutions leveraging MANTL experience a median retail account opening time of under five minutes, three times faster than the national benchmark. For business accounts, the median opening time is less than 10 minutes, significantly shorter than the industry average of 3.5 hours. On average, 85% of applications receive automated decisions, markedly improving institutional efficiency.
This acquisition reinforces Alkami’s position as a leading digital sales and service platform, empowering financial institutions to effectively onboard, engage, and expand their customer base. Alkami’s digital banking solution, recognized as the “Best Banking App” by Tearsheet in 2024, is the fastest-growing platform among U.S. financial institutions. Its data and marketing solutions offer 50,000 descriptive data tags and multiple AI predictive models trained on over 18 billion core transactions, enhancing cross-selling efforts, increasing revenue, and reducing customer attrition. MANTL addresses the critical need for swift, secure, and user-friendly customer onboarding, while also deepening relationships with existing clients.
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Alkami’s Chief Executive Officer, Alex Shootman, stated, “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. 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.”
Shootman further emphasized, “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. We are thrilled to welcome the MANTL team to Alkami and look forward to leveraging our collective capabilities to serve financial institutions.”
MANTL’s co-founder and Chief Executive Officer, Nathaniel Harley, remarked, “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. 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.”
This strategic acquisition is poised to enhance Alkami‘s offerings, providing financial institutions with a comprehensive, efficient, and customer-centric digital banking experience.