Plano-based Alkami Technology is boosting its digital banking capabilities with a $400 million acquisition of account opening specialist MANTL, a move aimed at solving what the company calls a “paramount concern” for financial institutions—onboarding new customers with “speed, security and ease” and deepening share-of-wallet with existing clients.

The Nasdaq-listed fintech (ALKT) announced it has signed a definitive agreement to acquire New Jersey-based Fin Technologies Inc., also known as MANTL, in a deal expected to close by March 31. Alkami plans to fund the acquisition primarily with cash—approximately $380 million—plus $13 million in restricted stock units for continuing MANTL employees.

According to Alkami, MANTL’s technology dramatically accelerates the account opening experience, reducing retail account opening to under five minutes—three times faster than national benchmarks. For business accounts, MANTL slashes the process from an industry average of 3.5 hours to less than 10 minutes.

“MANTL is a leader in account opening, allowing financial institutions to boost deposit growth with a higher application conversion, higher initial funding, and less fraud than competitive alternatives,” said Alex Shootman, Alkami’s CEO, in a statement. The combined offering, he added, “completes the Alkami Digital Sales & Service Platform” that helps financial institutions “land and expand the account holder relationship and create competitive advantage.”

Making a strong fintech stronger

Founded in 2016, MANTL has built a significant presence in the banking technology sector. Its platform now serves 112 financial institutions ranging from small community banks with $80 million in assets to regional players with over $20 billion. The technology has helped these institutions raise more than $31 billion in deposits while saving their employees over 350,000 hours through automation.

According to Alkami, what makes MANTL’s technology distinctive is its ability to work across all customer channels—digital, in-branch, and call center—while automating decisions for 85% of applications. That multi-channel approach enables financial institutions to transform processes across their entire operations.

“Since we founded MANTL nine years ago, our mission has remained constant: build technology that creates an equitable banking landscape where community financial institutions can not only survive but thrive,” said Nathaniel Harley, MANTL’s co-founder and CEO, who launched the company with Benjamin Conant.

For Alkami, the deal represents more than just an addition to its product lineup. The company says the acquisition will solidify its position as the “de facto digital sales and service platform in the industry,” creating a comprehensive solution for financial institutions to onboard, engage, and grow their account base.

The acquisition comes as Alkami’s platform was recently named “Best Banking App” by Tearsheet in 2024 and is described as “the fastest-growing digital banking platform among all U.S. financial institutions.”

Shootman emphasized the business potential of the combination, noting it “creates a tremendous opportunity for Alkami to expand market share and generate cross sell within its client base, driving additional revenue growth and enhancing our competitive offering among financial institutions.”

Alkami provided commentary on the acquisition during its fourth-quarter 2024 earnings call on February 27, 2025. 

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