With deposit volume growing 705% in April, MANTL raises $19 million
- MANTL, which helps banks open digital accounts, has experienced strong growth during the pandemic.
- The company is also announcing an additional fundraising.
MANTL, a digital account opening solution for banks and credit unions, experienced a 705% rise in deposit volumes across its customer base in April.
MANTL announced today an extension of its series A funding to $19 million, as a result of a $11 million raise. New and existing investors, including Point72 Ventures and Clocktower Technology Ventures, participated in the Series A extension. The new funds will be used to accelerate product development and team growth, particularly across engineering, product, and sales.
MANTL customer Happy State Bank, a $3.8 billion bank in Texas, saw a 166.7% rise in new checking accounts in April. Quontic Bank, a $400 million bank focused on underserved communities in New York City, had online deposit account applications increase by 134% in April. Year over year, funding through MANTL grew 30% in March and 629% in April.
Tearsheet sat with MANTL CEO and co-founder Nathaniel Harley to discuss growth and the recent fundraising.
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