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Alphabet joins $40m Mantl funding round

Alphabet joins $40m Mantl funding round

Mantl, a digital account opening technology provider targeting community banks and credit unions, has raised $40 million in a Series B funding round led by Alphabet's independent growth fund, CapitalG.

D1 Capital Partners, BoxGroup, Point72 Ventures, Clocktower Technology Ventures and OldSlip Group joined the round, which brings Mantl's total funding to over $60 million.

Mantl says community banks and credit unions often rely on third-party technology providers whose systems are sometimes decades old and lack the modern capabilities deployed by today’s leading digital banks.

The firm claims that its technology modernises these institutions’ most essential processes, transforming their cost structures and facilitating continued financial access and reinvestment within local communities.

Having doubled its headcount and revenues last year, Mantl will use the latest funding to make more hires and expand its product suite, with a focus on helping clients onboard business customers.

Nathaniel Harley, CEO, Mantl, says: "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."

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - SME - Fintech startups (APAC and Africa) - India 21 April, 2021, 11:04Be the first to give this comment the thumbs up 0 likes

Google is slowly moving towards banking it seems.