At a valuation of slightly over $1 billion, technology provider Amount raised $99 million in a Series D fundraising round. Amount serves banks and other financial institutions.
WestCap, a growth equity company founded by Laurence Tosi, a former CFO of Blackstone and Airbnb, led the investment. Additionally participating were Hanaco Ventures, Goldman Sachs, Invus Opportunities, and Barclays Principal Investments.
Amount just raised $86 million in a Series C round headed by Goldman Sachs Growth at a value of $686 million, which is noteworthy given that the investment was made a little over five months ago. And only three months had passed since a Series B round of $58 million was silently raised by the Chicago-based business. Since it separated from Avant, an online lender that had raised more than $600 million in equity, in January 2020, Amount has raised a total of $243 million.
What sort of technology does Amount offer, then?
Amount’s goal is to assist financial institutions “become digital in months — not years” so they can more effectively compete with fintech rivals. Just before the epidemic began, the company was created. But as everyone can see, this year and last, the need for the kind of technology that Amount has created has only grown enormously.
According to CEO Adam Hughes, Amount was created by splitting off from Avant to offer business software designed exclusively for the banking sector. It works with banks and other financial institutions in order to “rapidly digitize their financial infrastructure and compete in the retail lending and buy now, pay later sectors,” according to Hughes.
The 400-person business has developed what it calls “battle-tested” retail banking and point-of-sale technology, which it says helps financial institutions expedite their digital transition. Giving those organizations a way to utilize Amount’s verification and analytics tools will enable them to provide “a secure and smooth digital customer and merchant experience.”
Amount is a developer of a financial platform whose goal is to assist banks and other financial organizations in digitizing their retail product offerings. With omnichannel retail banking experiences, a strong point-of-sale financing product suite, and platform features like fraud prevention, verification, decision engines, and account management, the company enables partners to go digital in months, allowing clients to modernize the user experience and maximize growth.
Users Of Amount Technology
One hundred and ten banks, including HSBC, TD Bank, Regions, Banco Popular, and Avant, employ Amount’s technology to streamline the shift to digital financial services. Recently, one of the first big banks to offer installment point-of-sale was Barclays US Consumer Bank. One of the first large banks to offer installment point-of-sale alternatives recently is Barclays US Consumer Bank, which allows businesses to “white label” POS transactions with their own branding using Amount’s technology.
According to Hughes, a former president and COO of Avant, “the pandemic greatly increased banks’ interest in further digitizing the retail loan experience and introducing new purchases now, paying later financing choices with the rise of e-commerce.” “Fintech competitors pose a serious threat of disrupting banks, so an Amount cooperation can provide a top-notch digital experience with considerable go-to-market advantages.”
He also notes that as a result of the forced use of digital technology during the pandemic, which resulted in the closure of bank offices and retail outlets as well as an increase in online shopping for products and services, consumers’ expectations for digital technology have shifted.
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Little more than $ 1 billion.
Other financial institutions and banks.