NEW YORK, NY – Jan. 18, 2023 – MANTL, a leading provider of account origination solutions, today announced a $22.55M extension to its Series B financing round, bringing its Series B financing to $62.6M and total funding raised to over $83M. The extension was led by Alphabet’s independent growth fund CapitalG and Flourish Ventures, with participation from Point72 Ventures, and Trium Venture Partners.
Notably, several MANTL customers also participated in the extension, including Alliant Credit Union, Byline Bank, ConnectOne Bank, Park National Bank, and Veritex Community Bank. The trend of banks and credit unions investing in MANTL dates back to the company’s inception and serves as further validation of the overwhelming value that MANTL delivers to its customers and the banking industry at large.
“MANTL built a reputation on providing a next-level digital front door for banks and credit unions, but we are increasingly being recognized for our ability to transform an institution’s in-branch experience, diversify revenue streams and improve operational efficiency,” said Nathaniel Harley, co-founder and CEO of MANTL. “Our customers understand first-hand how MANTL drives tangible ROI across all facets of their business to create a competitive advantage and enable cost-effective growth. It’s incredibly rewarding to have their support as we continue to build for the future and evolve as a company.”
“MANTL’s customers feel so much alignment with the product and vision for the business that they went so far as to invest in the company. With strong product/market fit and a proven track record of delivering significant, tangible value to financial institutions of all sizes, MANTL is helping the U.S. banking sector meet the demands of the modern era,” said Jesse Wedler, general partner, CapitalG.
“We are very excited to partner with MANTL, as the team is leading the charge on modernizing legacy infrastructure to deliver meaningful revenue increases and operational efficiencies for all financial institutions. MANTL’s suite of commercial and retail omnichannel deposit opening solutions is changing how banks and credit unions meet the evolving needs of their customers in today’s digital banking landscape,” said Emmalyn Shaw, managing partner, Flourish Ventures.
This extension will be used to drive MANTL’s ongoing product and market expansion. Most recently, MANTL expanded into the credit union space with MANTL for Credit Unions and the company announced a first-of-its-kind Commercial Deposit Origination solution in early 2022. Building on this momentum, MANTL will bring its high-performing and ROI-optimizing technology to the other side of the balance sheet with a new loan origination product, addressing a massive technology gap that exists in the loans market today.
MANTL is starting 2023 with significant momentum. MANTL customers recently surpassed a significant milestone of over $1B of deposits raised through the platform in a single month, demonstrating the power of partnering with innovative fintechs to scale efficiently and remain resilient in the face of uncertain banking conditions. MANTL also saw increased demand for its product and services. Most notably, the company recorded its best sales quarter in history for new logo bookings in Q4 2022 as financial institutions of all sizes turn to MANTL to future-proof their institution.
For more information on MANTL or to schedule a demo, please visit: https://www.mantl.com/request-a-demo/
MANTL is a financial technology firm offering omnichannel account origination software for banks and credit unions. Consumer Deposit Origination by MANTL is among the fastest and most performant solutions on the market, empowering net-new prospects to open accounts in under three minutes, enabling existing account holders to open additional accounts with just one click, and reducing fraud by as much as 67%. Commercial Deposit Origination by MANTL is a first-of-its-kind solution that reimagines account opening for businesses of all sizes by automating up to 97% of application decisions. MANTL’s customers have raised billions in core deposits to date. Founded in 2016, MANTL is a privately held company headquartered in New York with the backing of prominent venture capital investors. For more information, visit mantl.com.
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