Total amount raised
$62.3 Millions
Latest funding date
4/1/2021
Location
Mantl has successfully raised significant funding through multiple rounds, with its latest being a Series B. The platform offers digital account origination solutions tailored for banks and credit unions.
Keep reading to explore the intricacies of Mantl's fundraising journey and the investors backing this innovative platform.
What Is Mantl?
Mantl, founded in 2016, is a financial technology company based in New York, New York. The company specializes in providing digital account origination solutions for banks and credit unions.
Founded by Benjamin Conant, Nathaniel Harley, and Raj Patel, Mantl aims to modernize the banking experience while allowing financial institutions to maintain control over their brand. The platform offers user-friendly banking experiences along with workflow management and automation tools.
With a team of 101-250 employees, Mantl continues to innovate in the fintech space, helping banks and credit unions accelerate deposit growth and transform their branches.
How Much Funding Has Mantl Raised?
- Pre-Seed Round
- Amount Raised: $300K
- Date: May 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to develop the core platform and validate the business model.
- Seed Round
- Amount Raised: $1.1M
- Date: November 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and begin market penetration.
- Seed Round
- Amount Raised: $1.9M
- Date: November 2016
- Lead Investors: Sinai Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance product features.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling the platform and increase market reach.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: May 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing product development and customer acquisition.
- Series A
- Amount Raised: $8M
- Date: February 2020
- Lead Investors: Point72 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform and expand market presence.
- Series A
- Amount Raised: $11M
- Date: July 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand its market presence.
- Series B
- Amount Raised: $40M
- Date: April 2021
- Lead Investors: CapitalG
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To hire new talent and expand the product suite, focusing on improving and digitizing the onboarding experience for businesses.
Total Amount Raised: $62.3M. Current Valuation: Not publicly disclosed.
Key Investors
- CapitalG
- Details: CapitalG is Alphabet's independent growth fund, focusing on helping companies scale. They provide hands-on assistance and connections to Google's experts.
- Investment Focus Areas: Consumer products, enterprise tech, cybersecurity, healthcare tech, fintech
- Notable Investments: Airbnb, Credit Karma, Stripe
- Point72 Ventures
- Details: Point72 Ventures is a venture capital firm that invests in early-stage technology companies. They are known for their data-driven approach to investing.
- Investment Focus Areas: Fintech, artificial intelligence, enterprise software
- Notable Investments: Not publicly disclosed
- D1 Capital Partners
- Details: D1 Capital Partners is a global investment firm that deploys capital in both public and private markets. They focus on long-term investments.
- Investment Focus Areas: Technology, healthcare, consumer
- Notable Investments: SpaceX, Instacart, Stripe
- BoxGroup
- Details: BoxGroup is an early-stage investment fund based in New York. They invest in pre-seed and seed rounds.
- Investment Focus Areas: Technology, consumer products, healthcare
- Notable Investments: Warby Parker, Glossier, Blue Apron
- Clocktower Technology Ventures
- Details: Clocktower Technology Ventures is the venture capital arm of Clocktower Group, focusing on early-stage fintech companies.
- Investment Focus Areas: Fintech, insurtech, enterprise software
- Notable Investments: Chime, Hippo, Next Insurance
What's Next for Mantl?
Mantl stands at the cusp of a significant opportunity, aiming to modernize the banking infrastructure for community banks and credit unions, which constitute 95% of all banking institutions. By expanding its product suite to include business onboarding solutions, Mantl can attract a broader customer base and potentially raise billions in core deposits. The demand for digital transformation in community institutions is immense, offering Mantl a vast market to tap into.
Future fundraising opportunities seem promising as Mantl continues to demonstrate growth and market demand. The recent $40 million Series B round, led by CapitalG, underscores investor confidence. As Mantl scales, additional funding rounds could support further product development and market expansion. However, challenges such as integrating with legacy systems and maintaining data security will require careful navigation. Competing with other fintech firms and ensuring compliance with regulatory requirements will also be critical as Mantl continues its growth trajectory.
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