Mantl builds white-labeled account-opening software that lets customers open bank accounts from any device in less than three minutes and integrates directly with legacy core banking systems. The company pivoted from building a challenger bank to selling enterprise software that modernizes onboarding for community banks and credit unions. Its platform automates application decisioning for over 90% of cases, claims to reduce fraud by more than 60%, and typically drives deposit growth four times faster than other solutions. Combined, Mantl’s customers have onboarded hundreds of thousands of new customers and raised billions in core deposits; Mantl’s revenue grew 2.1x in 2020 and it reported a 705% surge in deposit volume in April of the prior year. The company plans to use new capital for hiring and to expand product offerings, including software to digitize onboarding for businesses of all sizes from sole proprietors to complex commercial enterprises. Mantl positions itself as a challenger to legacy vendors by focusing on time-to-value and transforming adjacent core banking applications. MANTL’s core product is an online account opening solution and a Core Wrapper API that integrates with major core banking systems to modernize customer onboarding without replacing legacy infrastructure. The platform enables banks and credit unions to go live in less than three months and gives access to more than thirty fintech providers. Reported operational metrics include average account opening time of two minutes and thirty-seven seconds, nearly 4x higher conversion versus prior solutions, 92% of KYC/AML decisions automated, a 67% reduction in fraudulent account activity, and a 325% increase in initial funding amounts for customers. MANTL says its customers have opened hundreds of thousands of new accounts and raised billions in core deposits on the platform to date. The company positions its product to help regional and community institutions compete with larger banks and fintechs by improving efficiency and risk management. MANTL was founded in 2016 and is headquartered in New York.

Total raised

$48M

Funding rounds

2

Latest round

Series B

Latest activity

Apr 2021