Grasshopper Bank and MANTL partner to develop a fully automated business online loan origination solution

By Edlyn Cardoza

Grasshopper Bank, the client-first digital bank serving the business and innovation economy, announced a new partnership with MANTL, one of the leading providers of account origination solutions, to create efficiencies that better serve its small and medium-sized business (SMB) clients. Through this partnership, Grasshopper Bank will leverage Commercial Deposit Origination by MANTL to strengthen its digital deposit origination platform for businesses and provide a superior customer experience. The bank will also collaborate with MANTL to build a fully automated business online loan origination solution from the ground up, which is currently in development.

“The MANTL team has a unique vision for a higher-performing, fully-automated online loan origination product that will change how Grasshopper Bank approaches digital lending and business client onboarding,” said Chris Tremont, Chief Digital Officer at Grasshopper Bank. “MANTL has a proven track record of developing technology that overcomes the limitations of legacy banking infrastructure and challenges the expectations of what is possible in digital banking. Selecting MANTL for both deposit and loan origination will consolidate and enhance our tech stack, improve the application experience for our clients, and unlock new revenue streams for the bank.”

Grasshopper Bank selected MANTL to enhance and streamline its existing online business account opening process, empowering the bank to unlock new revenue streams and scale efficiently while delivering digital banking experiences to the SMB market. The MANTL solution is 100% digital and automates up to 97% of application decisions — including customer and enhanced due diligence (EDD) — to create an intuitive, simple, and quick digital onboarding experience for businesses. This partnership will simplify document collection for Grasshopper Bank, eliminating manual processes and empowering business applicants to upload and review documents digitally.

“Grasshopper Bank understands the evolving needs of the modern business owner and is committed to providing our business clients with the best digital banking experiences,” said Mike Butler, President and CEO of Grasshopper Bank. “Partnering with MANTL ensures that Grasshopper Bank will deliver a fast, frictionless onboarding experience while helping the bank lower deposit acquisition costs as we expand and deepen our impact in the SMB market.”

After evaluating the loan solutions on the market today, including technology vendors offering both loan and deposit origination, Grasshopper Bank also partnered with MANTL to build a new digital business loan origination solution from the ground up. This offering, which is anticipated to launch in the second half of 2023, will expand MANTL’s product suite and bring its high-performing and ROI-optimizing technology to the other side of the balance sheet, addressing a critical technology gap that exists in the loans market. MANTL features that are of vital importance to Grasshopper Bank include the ability to customize the underwriting, intuitively manage risk thresholds and KYC, improved back-end data processing, and an industry-leading time to market.

“Grasshopper Bank is innovative, data-driven, and outcome-focused. They also have a stellar reputation for serving the SMB market, which makes them the ideal design partner for MANTL’s business online loan origination solution,” said Nathaniel Harley, Co-Founder and CEO of MANTL. “We worked with Mike Butler and Chris Tremont previously at Radius Bank to develop our best-in-class consumer online deposit origination platform, and together we changed the banking industry. I’m excited to renew that effort with Grasshopper Bank to transform the loans industry and achieve MANTL’s vision of providing ‘one digital front door’ for banks and credit unions.”