Amount, a reputed and well-established company known for providing its services and technologies to banks and other financial institutions, announced that it has raised $99 million in series D funding. This Amount 99m series D funding had a valuation of over $1 billion. The round was an engaging one and was led by a growth equity firm founder named WestCap with participation from various recognized entities, namely: Hanaco Ventures, Goldman Sachs, Invus Opportunities, and Barclays Principal as per amount 99M series of airbnbazevedotechcrunch.
Moreover, the interesting fact is that this investment was raised within just five months after raising $86 million in the series C funding round. So, it can be clearly observed that within a very short period of time, Amount was successful in raising another huge investment in series D funding. Apart from this, three months before the Series C funding round, the Amount raised an investment of $58 million in series B funding. So one by one, month after month, Amount has seen a huge increment in investment, and now the total capital of the company comprises $243 million.
Amount is a company that supports modern banking, or we can say digital banking. It aims at providing digital support and other facilities to the banks that help them to “go digital in months, rather than in years.” The company was formed just before the pandemic and, at present, its technologies are the most demanded and potential ones. Moreover, apart from providing a digital banking experience, it also provides other facilities such as fraud prevention, verification, decisioning engines, account management and many more.
The CEO of Amount, Adams Hughes, says that “Amount was spun out of Avant only to provide specific services to the banking sector and other financial sectors.” We are working very hard on their rapid transformation into the digital world and digitalising their financial infrastructure.
Adam Hughes also said that the pandemic dramatically accelerates our customer base and banks’ interest in digitalising themselves. Banks were facing a huge risk from fintech competitors, so they opted to digitalize their services with the help of our company’s technology.
The company will use this investment to accelerate and develop R&D and will invest more in its technology and products. Further, the company is also thinking of investing the amount in acquisitions.
Amount is basically a group of only 400 people who are working hard to build the company into one of the best retail banking and point-of-sale technologies that accelerate the transformation of financial institutions. The main motive of the company is to give the financial institution a way to offer “secure and seamless digital facilities to its customers” and enhance the user experience.
Amount’s customers include a variety of banks, such as HSBC, TD Bank, Regions, Banco Popular, etc., that provide services to their customers using Amount’s digital financial services. Recently, one more bank has been added to the list, Barclays US Consumer Bank, which has become one of the major customers of Amount that offers POS payments under their own brand using the services and technologies provided by Amount.
Four times, in series A, B, C, and D.
Amount headquarter is situated in Chicago.
Amount provides standardized and simplified banking services.
It offers various retail banking services, such as giving loans on easy terms, providing credit cards, accepting deposits, facilitating small business loans, and many others.