MANTL Raises $40M Series B for White-Label Digital Account Opening

MANTL, a provider of digital account-opening solutions for community banks and credit unions, closed a $40 million Series B funding round in July 2020. The company offers a white-labeled web and mobile portal that automates the application decisioning process, achieving over 90% automation rates for account applications. The funding will be used to expand MANTL's platform capabilities and grow its customer base among legacy financial institutions seeking to modernize their digital onboarding.

MANTL's solution addresses a critical gap in the BaaS ecosystem by enabling traditional banks to offer seamless digital account opening without building the technology in-house. The platform integrates with existing core banking systems, allowing banks to maintain their infrastructure while upgrading the customer-facing experience. By automating decisioning, MANTL significantly reduces the manual review burden on bank staff and accelerates time-to-account for consumers and businesses.

The round positions MANTL to capitalize on accelerating digital banking adoption driven in part by the COVID-19 pandemic. Specific investors in the round were not detailed in the source material.