Amount, helps banks modernize to compete with fintech startups raised $99M Series D at a $1B+ valuation
Amount enables financial institutions to “become digital in months, not years,” giving them a boost on fintech competitors. It raised $99M in Series D funding at a valuation of $1B+ to assist banks in modernizing and competing with fintech companies. It
Laurence Tosi, a former CFO for Blackstone and Airbnb, founded the growth equity company WestCap, which led the fund. Other investors included Invus Opportunities, Hanaco Ventures, Barclays Principal Investments, and Goldman Sachs.
The investment comes only five months after the company raised $86 million in its Series C round, valued at $686 million, with the primary investor being the Goldman Sachs Growth entity. Although Barclays Principal Investments later added $5 million, the initial investment was $81 million. Only three months had passed since the Series B round, which raised $58 million. Since being separated from online loan firm Avant, which had raised $600 million in equity, Amount has now raised a total of $243 million.
One of the first big banks in America to offer point-of-sale financing solutions is Barclays US, which recently teamed up with Amount. When deciding to work with Amount, Barclays claimed that a 200 percent increase in buy now, pay later (BNPL), driven by the expansion of e-commerce and rising consumer demand for a variety of payment options, was the key factor.
TD Bank, Barclays, HSBC, Eloan, BBVA, Regions, and Your Bank are some significant financial institutions that now use the platform. According to the firm, Amount’s clients jointly handle close to $2 trillion in U.S. assets and provide services to more than 50 million U.S. customers. According to the report, Amount states that it intends to use its new funding to enhance R&D by making investments in its technology and products as well as considering partnerships.
According to the startup, it can help banks “become more adaptable instantly,” improve the digital banking experience in months rather than years, and get rid of outdated systems that prevent them from competing with fintech which is quick to grow and agile. Users may do digital banking whenever and wherever they choose because of Amount’s omnichannel solutions, which lower application and service barriers for consumers. Customers can open accounts and obtain loans quickly with Amount’s retail banking suite, which supports small business loans, and vehicle loans.
Amount allows banking institutions to quickly digitize and compete with fintech rivals. A little time before the epidemic began, the company was founded. The CEO of Amount, Adam Hughes, claims that the firm split from Avant to provide enterprise software suited for participants in the banking industry. The CEO of Amount, Adam Hughes, claims that the firm split from Avant to provide enterprise software suited for participants in the banking industry.
Amount has had significant growth over the past several years. Hughes has also stated that the epidemic caused banks’ interest in further digitizing their retail lending practices to dramatically increase. To assist banks to compete with the competitors, our marketing and sales teams are working hard to create a distinctive and compelling brand. More than 70% of hires in 2020 will identify as minority candidates thanks to the efforts of our People team, which prioritizes diversity and inclusion in all hiring initiatives.
Amount introduced new alliances with many significant banks, all of which are intended to assist them in streamlining operations and providing customers with more seamless omnichannel solutions. Through it all, we’ll put our partners and their client’s needs first, focusing our products on top-notch user experiences and giving banks and other financial institutions the tools they need to compete—and triumph—against the competition.
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