BankTech

Amount raises a $99M Series D to help banks compete with fintech startups

Amount, a digital technology company, aims to help traditional banking institutions overcome digital transformation challenges and compete with financial technology startups that have begun poaching the market.

The report, by Mary Ann Azevedo of TechCrunch, states a valuation for the Chicago-based company of just over $1 billion. The Series D funding round was led by WestCap, a growth equity firm founded by Laurence Tosi of Blackstone , with Hanaca Ventures, Goldman Sachs, Invus Opportunities and Barclays Principal Investments also participating.

In addition to previous Series C and B funding rounds of $86M (led by Goldman Sachs Growth) and $58 million (led by QED Investors), the company has now raised $243 million USD since the beginning of 2020.

The company claims it can help banks “become more nimble overnight”, accelerate digital banking experience in months as opposed to years, and shed legacy systems holding them back from competing with agile and fast-growing fintechs.

Barclays US recently partnered with Amount to become one of the first major banks in America to offer point-of-sale financing options. Barclay’s stated a 200% growth in buy now, pay later (BNPL), fueled by the rise in eCommerce and increased consumer demand for multiple payment options, led their decision to partner with Amount. 

Amount provides omnichannel solutions which reduce consumer application and service obstacles, allowing customers to bank digitally from wherever they are, whenever they want.

The platform is currently used by some notable financial institutions including TD Bank, Barclays, HSBC, Eloan, BBVA, Regions and Your Bank; Amount’s clients collectively manage nearly $2 trillion in U.S. assets and service more than 50 million U.S. customers according to the company.

Amount says it plans to use its new capital to accelerate R&D by investing in its technology and products, as well as eyeing acquisitions, according to the report.

Amount’s retail banking suite, which offers support for loans, credit cards, deposits, small business loans, home equity and auto, is designed to allow customers to open accounts and get loans in minutes (as opposed to weeks).

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