US-based banking technology firm MANTL raked in $8m in Series A funding to fund the development of new core banking product for banks and credit unions.
The funding round was led by Point72 Ventures. It was joined by Endicott Group.
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The New York-based firm develops an account opening software solution for banks and credit unions.
It intends to use the money to continue to expand operations and its business reach.
MANTL co-founder and CEO Nathaniel Harley said: “MANTL builds solutions that can be easily integrated with legacy core banking systems to deliver significant improvements to our customers’ bottom line.
“We exist to give these banks and credit unions the technology they need to grow.”
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By GlobalDataPoint72 Ventures Partner Tripp Shriner said: “MANTL helps level the playing field by enabling smaller financial institutions to modernise their customer experience and operations without needing to change their existing infrastructure.”
Its online account opening platform allows bank customers to open several checking, savings or CD accounts within two minutes and 37 seconds on an average.
The account opening solution combined with Core Wrapper API integrates with major core banking systems such as FIS, Fiserv, Jack Henry, and COCC.
MANTL’s API-first open architecture delivers more than 30 premium fintech solutions to banks and credit unions.
