Amount 99M 1B Ann Azevedotechcrunch: Technology provider Amount raised $99 million in a Series D fundraising round at a little over $1 billion valuation. Amount serves banks and other financial institutions.
The investment was led by WestCap, a growth equity company that Laurence Tosi, a former CFO of Blackstone and Airbnb, created. Further 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.
Amount 99M 1B Ann Azevedotechcrunch: Barclays Primary Investments contributed $5 million to a second close of the Series C round, bringing the total raised to $81 million (up from the original $81 million). 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” to compete more effectively with fintech rivals. Just before the epidemic began, the company was creating. But as everyone can see, this year and last, the need for the kind of technology that Amount has created has only grown enormously.
CEO Adam Hughes said Amount was creating by splitting from Avant to offer business software designed exclusively for the banking sector. According to Hughes of TechCrunch, it collaborates with banks and financial organizations to “rapidly digitize their financial infrastructure and compete in the retail lending and buy now, pay later sectors.”
The 400-person business has developed “battle-tested” retail banking and point-of-sale technology, which helps financial institutions expedite their digital transition. Amount 99M 1B Ann Azevedotechcrunch: 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.”
Institutions:
- One hundred and ten institutions, including HSBC, TD Bank, Regions, Banco Popular, and Avant (of course), employ Amount’s technology to streamline the shift to digital financial services.
- 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 branding (using Amount’s technology).
- According to Hughes, a former president and COO at Avant, “the pandemic greatly increased banks’ interest in further digitizing the retail loan experience and introducing new purchase now, pay later financing choices with the rise of e-commerce.
- ” “Fintech competitors pose a big danger of disrupting banks, so a relationship with Amount can give a world-class digital experience with considerable go-to-market advantages.”
- He also notes that due to the forced use of digital technology during the pandemic, which resulted in the closure of bank offices and retail outlets and an increase in online shopping for products and services, consumers’ expectations for digital technology have shifted.
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