MANTL, a tech company whose account-opening solution serves community banks and credit unions, has raised a $40 million Series B led by Alphabet’s independent growth fund, CapitalG, with participation from D1 Capital Partners and BoxGroup.
The fresh capital injection will help MANTL hire more employees and scale its product suite, including improving and digitizing the onboarding experience for companies of all sizes.
MANTL saw a ton of growth this past year and doubled both revenue and its employee headcount. Nathaniel Harley, Co-founder and CEO at MANTL, told FinLedger he couldn’t share what valuation the round was raised but that the company currently has just over 80 employees and he expects to double its head count again. The company has grown its customer base by about 60 percent in 2020.
Harley explained that the New York-based company is also looking to launch a new business account opening product later this year that he says already has “significant demand.” MANTL is focused on helping traditional financial institutions to modernize and grow, he said, by taking on legacy infrastructure that has hindered access to digital banking.
”We are part of this new wave of fintech that’s transforming the cost structure of these traditional banks,” he said. “The way we do that is through a white label application that allows the bank’s customers to open accounts from anywhere, at any time, on any device in less than three minutes. We’ve also helped our banks raise billions of dollars deposits each year to date.”
MANTL has also bolstered its executive team by appointing Colleen Wilson as VP of product and Ian Fette to VP of engineering. Wilson previously worked for Blueleaf and Square while Fette has worked for Slack, Squarespace and Google.
Going forward, MANTL is looking forward to getting deeper down the stack and being transformative for the infrastructure that is powering the US banking system.
“At the core of what we’re building, pun intended, is to be able to enhance the bank’s architecture without needing to replace their core banking system today, so that we can launch these digital products quickly,” Harley said. “That obviously allows us to do things like real-time integrations and have an industry leading time to market.”
In other recent banking technology news, an affiliate of Jacobs Asset Management called JAM Special Opportunity Ventures (JSOV) and FINTOP Capital have closed its $150 million investment fund called JAM FINTOP Banktech. The fund aims to accelerate technology adoption at U.S. community banks. But this isn’t your typical investment fund. Its 66 limited partners are all community banks that have more than $600 billion of combined assets.