Alkami to Acquire MANTL to Expand Account Opening Capabilities

Core Viewpoint - Alkami Technology, Inc. has announced the acquisition of Fin Technologies, Inc. (MANTL) for an enterprise value of $400 million, enhancing its digital banking solutions and positioning itself as a leader in the digital sales and service platform for financial institutions [1][5][6] Group 1: Acquisition Details - The acquisition will be funded with approximately$380 million in cash and $13 million in restricted stock units for continuing MANTL employees [1] - The transaction is expected to close on or before March 31, 2025, subject to standard conditions [6] Group 2: MANTL's Offerings - MANTL provides a multi-tenant, core-agnostic platform that automates the account opening process for various deposit account types across multiple channels [3] - MANTL has helped clients raise over$31 billion in deposits and has 112 financial institution clients, with median retail account opening times under five minutes [4][3] Group 3: Strategic Benefits - The combination of MANTL and Alkami's existing solutions will create an industry-leading platform that enhances customer onboarding, engagement, and account growth [5][6] - Alkami's digital banking solution was recognized as the "Best Banking App" in 2024 and is the fastest-growing digital banking platform among U.S. financial institutions [5] Group 4: Leadership Insights - Alkami's CEO highlighted that MANTL's capabilities will boost deposit growth and improve application conversion rates, enhancing competitive advantages for financial institutions [6] - MANTL's co-founder expressed excitement about joining Alkami, emphasizing a shared mission to create equitable banking solutions [6]