Alkami Acquires Mantl In $400 Million Deal To Expand Digital Banking Services
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Cloud-based digital banking vendor Alkami has agreed to purchase account opening technology provider Mantl in a $400 million deal. Mantl, founded in 2016, provides digital account opening solutions to community banks and credit unions.
Mantl helps Alkami gain retail, business, and commercial customers through digital, call center, and in-branch channels for almost any type of deposit account. for almost any type of deposit account.
Alkami Expands Market Position With Acquisition And Industry Recognition
The company has 112 financial institution clients on its platform, with assets ranging from $80 million to over $20 billion. It reported helping these clients raise more than $31 billion in deposits and save over 350,000 employee hours through automation and process transformation.
According to Alkami, the acquisition strengthens its position as the leading digital sales and service platform in the industry, allowing financial institutions to better onboard, engage, and expand their customer base.
Alkami’s Chief Executive Officer, Alex Shootman, said this business combination provides a significant opportunity for Alkami to increase market share and generate more cross-selling within its client base. He also stated that it would drive additional revenue growth and improve their competitive offerings among financial institutions.
Meanwhile, Alkami announced that it has been recognized as the top digital banking provider in credit union market share. The ranking, based on the number of enrolled mobile users, was reported by FI Navigator, a banking data and analytics company.
According to FI Navigator, credit unions using Alkami’s platform had stronger deposit, loan, and revenue growth compared to their peers.
Alkami Recognized For Leadership In Digital Banking And Mobile Excellence
Alkami’s leader, Alex Shootman, said the company is honored to be the trusted leader in digital banking for credit unions and to support some of the most successful institutions in the market.
He stated that Alkami remains committed to providing a digital sales and service platform that helps clients engage and retain their account holders while outperforming others in key financial areas.
This recognition follows Alkami’s Mobile Platform receiving certification from J.D. Power for providing an outstanding mobile banking experience.
The certification process evaluated Alkami’s mobile banking app, which ranked among the top performers in the J.D. Power North America Mobile App Satisfaction Index. Alkami exceeded industry standards across multiple areas of mobile app development, design, and operational performance.
Curry Pelot, chief information officer and founder of FI Navigator, stated that FI Navigator aims to offer business insights to financial institutions and their partners.
Pelot said these insights help with strategic decisions related to risk management, growth, profitability, and product development. He noted that this recognition reflects the high level of service Alkami provides to its credit union customers.
