Total amount raised
$62.3 Million
Latest funding date
4/1/2021
Location
Mantl has successfully raised funding over eight rounds, with its latest being a Series B round involving seven investors, including lead investor CapitalG. The company has attracted a total of 18 investors, highlighting its strong backing in the financial technology sector.
Acquired by Alkami Technology, Mantl continues to offer innovative digital account origination solutions for banks and credit unions. Keep reading to explore the intricacies of Mantl's fundraising journey and the investors backing this transformative platform.
What Is Mantl?
Mantl, a financial technology company, specializes in digital account origination solutions for banks and credit unions. Founded in New York, New York, the company operates within the Banking, Finance, Financial Services, and FinTech industries.
With an employee count ranging from 101 to 250, Mantl has been acquired by Alkami Technology. The company was co-founded by Nathaniel Harley and continues to innovate in the financial sector, focusing on accelerating deposit growth and transforming branch operations.
How Much Funding Has Mantl Raised?
- Series B
- Amount Raised: USD 40,000,000
- Date: April 2021
- Lead Investors: CapitalG
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To hire new talent and expand Mantl's product suite, focusing on improving and digitizing the onboarding experience for businesses.
- Series A
- Amount Raised: USD 11,000,000
- Date: July 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at developing and scaling Mantl's platform and services to attract more clients and grow its market presence.
- Series A
- Amount Raised: USD 8,000,000
- Date: February 2020
- Lead Investors: Point72 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development of Mantl's digital account opening solutions.
- Seed
- Amount Raised: Not publicly disclosed
- Date: May 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at early-stage development and market entry.
- Seed
- Amount Raised: Not publicly disclosed
- Date: April 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at early-stage development and market entry.
- Seed
- Amount Raised: USD 1,850,000
- Date: November 2016
- Lead Investors: Sinai Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at early-stage development and market entry.
- Seed
- Amount Raised: USD 1,135,000
- Date: November 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at early-stage development and market entry.
- Pre-Seed
- Amount Raised: USD 300,000
- Date: May 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at initial product development and market validation.
Total Amount Raised: USD 62,285,000. Current Valuation: Not publicly disclosed.
Key Investors
- CapitalG
- Details: CapitalG is Alphabet's independent growth fund, known for investing in companies transforming various fields. They provide hands-on assistance and connections to Google's resources.
- Investment Focus Areas: Consumer products and services, enterprise tech, cybersecurity, healthcare tech, insuretech, transportation, fintech.
- Notable Investments: Airbnb, Stripe, Lyft.
- D1 Capital Partners
- Details: D1 Capital Partners is a global investment firm that deploys capital in both public and private markets. They focus on high-growth companies across various sectors.
- Investment Focus Areas: Public and private markets, various sectors.
- Notable Investments: Robinhood, SpaceX, Instacart.
- BoxGroup
- Details: BoxGroup is an early-stage investment fund based in New York City. They focus on investing in technology startups at the seed stage.
- Investment Focus Areas: Early-stage technology startups.
- Notable Investments: Plaid, Stripe, Warby Parker.
- Point72 Ventures
- Details: Point72 Ventures is the venture capital arm of Point72 Asset Management. They focus on early-stage technology companies, particularly in financial services.
- Investment Focus Areas: Fintech, artificial intelligence, enterprise technology.
- Notable Investments: Acorns, Extend, Insurify.
- Clocktower Technology Ventures
- Details: Clocktower Technology Ventures is the venture capital arm of Clocktower Group. They focus on early-stage fintech companies.
- Investment Focus Areas: Financial services, fintech.
- Notable Investments: Chime, TrueAccord, Next Insurance.
What's Next for Mantl?
Mantl stands at the cusp of significant opportunities, particularly in helping community banks and credit unions transition to digital platforms. With 95% of banking institutions being community banks and credit unions, the potential for growth is immense. The company plans to expand its product suite to include business account opening solutions, which could further solidify its market position.
Future fundraising opportunities seem promising, given Mantl's successful Series B round and the backing of prominent investors. As the demand for digital banking solutions continues to rise, Mantl may attract additional investment to fuel its expansion and innovation efforts.
However, challenges remain. Integrating with outdated core banking systems and competing with larger, more advanced financial institutions are significant hurdles. Ensuring data security and seamless integration will be crucial as Mantl navigates its growth trajectory.
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