MANTL, a U.S.-based digital account opening solution for banks and credit unions, announced on Tuesday it raised $40 million through its Series B funding round, which was led by Alphabet’s independent growth fund, CapitalG, with participation from D1 Capital Partners, BoxGroup and existing investors Point72 Ventures, Clocktower Technology Ventures, and OldSlip Group. The company previously raised $8 million through its Series A funding round, led by Point72 Ventures.
Founded in 2016, MANTL stated it offers the best Bank Account Opening software for banks and credit unions.
“In our collective experience building everything from consumer FinTech companies to core banking systems, we saw a rift where new FinTech companies were able to leverage the latest technologies, while banks and credit unions (where most people actually keep their money)—tethered to their outdated systems and vendors—struggled to remain competitive in the digital age.”
Nathaniel Harley, Co-founder and CEO at MANTL, spoke about the company’s development by stating:
“We’re challenging the legacy infrastructure that is holding community institutions back. Over the past few years, we have invested heavily in the capability to integrate with core banking systems and in ensuring that our products drive optimal business outcomes. Our customers’ long-term success is MANTL’s top priority and we see account opening as just the beginning. Our purpose is to be a true digital transformation partner for community banks and credit unions who share our vision for the industry.”
MANTL then added that the investment round’s funds will enable the company to hire new talent and expand its product suite. This will include solutions that improve and digitize the onboarding experience for businesses of all sizes, from sole proprietors to complex commercial enterprises.