MANTL said to extend its Series A round to reach $19m

Account opening software MANTL has reportedly extended its Series A to close the round on $19m.

The company has secured an additional $11m from investors including Point72 Ventures and Clocktower Technology Ventures, according to a report from Tearsheet.

With the fresh funds the FinTech startup is hoping to increase its product development and hiring more staff for its engineering, product and sales teams.

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 previously closed $8m back in February 2020 from Point72 Ventures and Endicott Group.

Earlier in the year, MANTL formed a partnership with challenger bank Quontic to give the bank customers improved digital experiences.

a new deal to boost its customers’ experience with banking technology firm MANTL. With the coronavirus plaguing the economy, the news could potentially not be more timely.

Point72 Ventures has been very active this year. The firm recently led the $25m Series B round of Bookkeeping platform Botkeeper. The FinTech automate various workflows including transaction categorisation and reconciliation.

Other investments from Point72 Ventures this year include capital injections into Philippines-based digital bank tonik and digital mortgage-service platform Brace.

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