MANTL, an account opening software solution for banks and credit unions, has bagged $8m in its Series A round led by Point72 Ventures.
The capital round was also supported by Endicott Group.
Founded in 2016, the company offers a software solution which enables banks and credit unions to digitize their account opening. The technology can allegedly reduce account opening times to just under three minutes and can aggregate all customer data points to help ease insight generation.
Its technology helps automate around 92% of know your customer and anti-money laundering decisions and reduces fraud account activity by 67%, MANTL claims.
MANTL CEO and co-founder Nathaniel Harley said, “We’ve seen a rift where new FinTech companies are able to leverage the latest technologies to grow faster and more efficiently, while banks and credit unions (where most people actually keep their money) are tethered to their outdated systems and vendors, and struggle to remain competitive.
“That divide continues today. 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.”
Earlier in the month, Point72 Ventures led the $10m Series A round of digital mortgage-service platform Brace.
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