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MANTL launches automatic business account opening service

Tuesday 1 February 2022 15:01 CET | News

US-based banking service provider MANTL has launched a business account opening service that automates up to 97% of new account decisions whether online, in person, or ‘in the field.’

MANTL was founded as a challenger bank in 2016 before the firm shifted from competing with peers in the community banking space to selling to them. The goal is to help modernize outdated banking infrastructure in the US without breaking the bank, as the company says.

The company offers an account opening software that helps customers to open a deposit account in less than three minutes. The firm also claims the app automates decisioning in 90% cases and reduces fraud by 60%. It should be easier for small businesses to set up deposit accounts with MANTL partnered banks.

The new process is a 100% digital approach and self-service for SMB customers. On the banking side, a console lets banking staff expedite approvals, assist customers and check KYC/AML in real-time. According to the release, forms and document collection can be automated and uploaded online.

MANTL recently raised USD 40 million in a Series B round in April 2021, bringing the total funding to more than USD 60 million.

More: Link


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Keywords: KYC, digital onboarding, online banking, product launch
Categories: Banking & Fintech
Companies: MANTL
Countries: United States
This article is part of category

Banking & Fintech

MANTL

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