Combination Creates Powerhouse Digital
Sales and Service Platform
PLANO,
Texas, Feb. 27, 2025 /PRNewswire/ -- Alkami
Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based
digital banking solutions provider for financial institutions in
the U.S., today announced that it signed a definitive agreement to
acquire Fin Technologies, Inc. ("MANTL") for an enterprise value of
$400 million, on a debt free, cash
free basis and subject to customary purchase price adjustments,
expected to be $7 million. Alkami
plans to fund the acquisition with cash of approximately
$380 million and restricted stock
units issued to continuing MANTL employees with an estimated value
of $13 million at transaction closing
in replacement for unvested compensatory stock options.
MANTL is the premier account opening solution that allows
financial institutions to acquire commercial, business and retail
customers through any channel for virtually any deposit account
type. MANTL, combined with Alkami's Digital Banking and Data &
Marketing Solutions, creates the industry-leading digital sales and
services platform for financial institutions.
MANTL is unique in that it offers a multi-tenant, core-agnostic,
single platform that enables financial institutions to support all
channels in opening deposit accounts, including in-branch, call
center and digital. MANTL automates the account opening process for
virtually all deposit account types and roles, and transforms the
process across a financial institution's entire operation,
including front-, middle-, and back-office. MANTL has 112 financial
institution clients live on its platform ranging in size from
$80 million to over $20 billion in assets.
Founded in 2016 by Nathaniel
Harley and Benjamin Conant,
MANTL has helped its clients raise over $31
billion in deposits while saving employees over 350,000
hours through automation and process transformation. Financial
institutions that use MANTL experience a median retail account
opening time of under five minutes, three times faster than the
national benchmark. For business accounts, the median account
opening experience is less than 10 minutes compared to an industry
average of 3.5 hours. On average, 85% of applications receive an
automated decision, vastly improving the efficiency of the
financial institution.
With the acquisition of MANTL, Alkami solidifies its position as
the de facto digital sales and service platform in the industry,
allowing financial institutions to onboard, engage and grow their
account base. Alkami is already a leader in engagement. Its
digital banking solution was awarded "Best Banking App" by
Tearsheet in 2024, and is the fastest-growing digital banking
platform among all U.S. financial institutions. Alkami also
has the premier solution for growth. Its data and marketing
capabilities are purpose-built for financial institutions and
provide 50,000 descriptive data tags and a dozen AI predictive
models trained on analyzing more than 18 billion core transactions
to improve cross-selling efforts, increase revenue and reduce
churn. MANTL addresses one of the paramount concerns of financial
institutions - onboarding new customers with speed, security and
ease and deepening share-of-wallet with existing clients.
Alex Shootman, Alkami Chief
Executive Officer said, "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. And, when
combined with Alkami's strengths in digital banking and data and
marketing, it completes the Alkami Digital Sales & Service
Platform, our solution to help financial institutions land and
expand the account holder relationship and create competitive
advantage."
Shootman continued, "This business combination 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. We are thrilled to welcome the MANTL team
to Alkami and look forward to leveraging our collective
capabilities to serve financial institutions."
"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 co-founder and Chief Executive Officer. "We
are excited to join the Alkami family, a move which sets MANTL on a
path to deliver even greater value to our clients and the banking
industry at large."
Alkami plans to provide commentary on the acquisition during its
fourth quarter 2024 earnings call on February 27, 2025. The completion of the MANTL
acquisition remains subject to certain standard conditions, and is
expected to close on or before March 31,
2025.
Conference Call
Alkami will host a conference call at 5:00 p.m. ET on February
27, 2025 to discuss its fourth quarter 2024 financial
results and the MANTL acquisition with investors. A live webcast of
the event will be available on the Alkami investor relations
website at investors.alkami.com. In addition, a live dial-in will
be available domestically at 1-800-836-8184 and internationally at
1-646-357-8785, using conference code 39894. The webcast replay
will be available on the Alkami investor relations website.
About Alkami
Alkami Technology, Inc. is a leading cloud-based digital banking
solutions provider for financial institutions in the United States that enables clients to grow
confidently, adapt quickly, and build thriving digital communities.
Alkami helps clients transform through retail and business banking,
digital account opening, payment security, and data and marketing
solutions. To learn more, visit www.alkami.com.
About MANTL
MANTL is a financial technology firm offering unified account
origination technology that empowers banks and credit unions to
seamlessly open deposit accounts on any banking channel in real
time. MANTL Deposit Origination is among the fastest and most
performant solutions on the market; consumers can open a new
deposit account in under three minutes, businesses can open a new
deposit account in under 10 minutes, and MANTL customers raise
billions in core deposits each month. Founded in 2016, MANTL is a
privately held company headquartered in New Jersey with the backing of prominent
venture capital investors. For more information, visit mantl.com or
follow MANTL on LinkedIn.
Investor Relations Contact
Steve Calk
ir@alkami.com
Media Relations Contacts
Marla Pieton
marla.pieton@alkami.com
Valerie Kerner
alkami@fullyvested.com
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SOURCE Alkami Technology, Inc.
