MANTL Raises $8 Million in Series A Funding to Power the Modernization of US Banks and Credit Unions
NEW YORK--(BUSINESS WIRE)--Feb 25, 2020--
MANTL, a leading account opening software solution for banks and credit unions, announced today an $8 million Series A funding round led by Point72 Ventures, with additional participation from Endicott Group. MANTL’s software platform allows banks and credit unions to quickly launch next-generation digital capabilities on top of their existing infrastructure, enabling them to kickstart their digital transformation with limited disruption to their day-to-day processes.
“We’ve seen a rift where new FinTech companies are able to leverage the latest technologies to grow faster and more efficiently, while banks and credit unions (where most people actually keep their money) are tethered to their outdated systems and vendors, and struggle to remain competitive,” said Nathaniel Harley, CEO and co-founder of MANTL. “That divide continues today. MANTL builds solutions that can be easily integrated with legacy core banking systems to deliver significant improvements to our customers’ bottom line. We exist to give these banks and credit unions the technology they need to grow.”
“Smaller banks and credit unions play an important role in the U.S. economy, but as they face growing competition from large banks and fintech startups they are at a major disadvantage from a technology perspective,” said Tripp Shriner, Partner at Point72 Ventures. “MANTL helps level the playing field by enabling smaller financial institutions to modernize their customer experience and operations without needing to change their existing infrastructure.”
MANTL’s initial product, an online account opening solution, enables banks and credit unions to quickly modernize a key element and fundamental first stem of the customer journey. With industry-leading time to market, bank customers can go live in less than 3 months and gain access to best-in-class fintech providers, resulting in greater efficiency and improved risk management. For example:
- On average, customers open a checking, savings or CD account through MANTL’s white-labeled platform in two minutes and thirty-seven seconds, leading to conversion rates that are nearly 4x higher than prior solutions.
- On average, 92% of KYC/AML decisions are automated using MANTL, leading to a 67% reduction in fraudulent account activity.
- MANTL customers have seen a 325% increase in initial funding amounts - driving billions in deposits raised across the platform to date.
- MANTL’s solution gives banks and credit unions access to more than thirty best-in-class fintech providers and solutions, such as automated customer due diligence.
As a result, MANTL’s account opening solution has helped its bank customers open hundreds of thousands of new bank accounts while also improving the customer experience:
- “MANTL’s automation has allowed us to grow our deposits in a cost-effective manner,” said Cooper Thomas, VP of Operations at Web Bank.
- “MANTL’s market-leading solution has driven significant value to Radius consumer checking strategy,” said Mike Butler, CEO of Radius bank.
- “MANTL’s API-first open architecture allows us to access best-in-class technology partners to better serve our customers,” said Mark Tracy, CTO at Cambridge Savings Bank.
The success of its consumer account opening product with its Core Wrapper API – which allows MANTL to easily integrate with all major core banking systems, such as FIS, Fiserv, Jack Henry, and COCC, as well as best-in-class third parties in a one-to-many approach – is paving the way for the company’s fast-growing product offering.
About MANTL: MANTL is a banking technology firm offering the leading account opening software. Our platform empowers regional and community banks and credit unions to grow up to 78% faster. These institutions play a critical role in our economy and we’re passionate about preserving that. Founded in 2016, MANTL’s customers have raised billions in core deposits to date. MANTL is a privately held company headquartered in New York with the backing of prominent venture capital investors. For more information, visit www.mantl.com.
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CONTACT: Taina Biggs
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES TECHNOLOGY SOFTWARE VENTURE CAPITAL BANKING ACCOUNTING
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