![]() It also will be eyeing some acquisitions. Hughes declined to provide any details regarding the company’s financials, saying only that Amount “ performed well” as a standalone company in 2020 and that the company is expecting “significant” year-over-year revenue growth in 2021.Īmount plans to use its new capital to further accelerate R&D by investing in its technology and products. assets and servicing more than 50 million U.S. Overall, Amount clients include financial institutions collectively managing nearly $2 trillion in U.S. “Banks are facing significant disruption risk from fintech competitors, so an Amount partnership can deliver a world-class digital experience with significant go-to-market advantages.”Īlso, he points out, consumers’ digital expectations have changed as a result of the forced digital adoption during the pandemic, with bank branches and stores closing and more banking done and more goods and services being purchased online.Īvant doubles down on digital banking with Zero Financial acquisitionĪmount delivers retail banking experiences via a variety of channels and a point-of-sale financing product suite, as well as features such as fraud prevention, verification, decisioning engines and account management. “ The pandemic dramatically accelerated banks’ interest in further digitizing the retail lending experience and offering additional buy now, pay later financing options with the rise of e-commerce,” Hughes, former president and COO at Avant, told TechCrunch. Recently, Barclays US Consumer Bank became one of the first major banks to offer installment point-of-sale options, giving merchants the ability to “white label” POS payments under their own brand (using Amount’s technology). HSBC, TD Bank, Regions, Banco Popular and Avant (of course) are among the 10 banks that use Amount’s technology in an effort to simplify their transition to digital financial services. ![]() The goal is to give those institutions a way to offer “a secure and seamless digital customer and merchant experience” that leverages Amount’s verification and analytics capabilities. Specifically, the 400-person company has built what it describes as “battle-tested” retail banking and point-of-sale technology that it claims accelerates digital transformation for financial institutions. It partners with banks and financial institutions to “rapidly digitize their financial infrastructure and compete in the retail lending and buy now, pay later sectors ,” Hughes told TechCrunch. But as we have all seen, demand for the type of technology Amount has developed has only increased exponentially this year and last.ĬEO Adam Hughes says Amount was spun out of Avant to provide enterprise software built specifically for the banking industry. The company formed just before the pandemic hit. In simple terms, Amount’s mission is to help financial institutions “go digital in months - not years” and thus, better compete with fintech rivals. So, what kind of technology does Amount provide? The latest funding brings Amount’s total capital raised to $243 million since it spun off from Avant - an online lender that has raised over $600 million in equity - in January of 2020. ![]() And that round came just three months after the Chicago-based startup quietly raised $58 million in a Series B round in March. ![]() (The original raise was $81 million, but Barclays Principal Investments invested $5 million as part of a second close of the Series C round). Notably, the investment comes just over five months after Amount raised $86 million in a Series C round led by Goldman Sachs Growth at a valuation of $686 million. Hanaco Ventures, Goldman Sachs, Invus Opportunities and Barclays Principal Investments also participated. WestCap, a growth equity firm founded by ex-Airbnb and Blackstone CFO Laurence Tosi, led the round. ![]() Amount, a company that provides technology to banks and financial institutions, has raised $99 million in a Series D funding round at a valuation of just over $1 billion. ![]()
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