Amount, a digital origination and decisioning SaaS platform powering consumer and small business deposit account opening and loan origination, announced the successful close of a $30 million equity capital raise.
The company will use the funds to further “invest in its world-class technology and accelerate its progress in the credit union sector, building on Amount’s successful track record of helping financial institutions simplify and streamline their business processes.”
Amount welcomes Curql, a collective of credit unions jointly “investing in fintech, as a new strategic investor.”
The investment from Curql aligns “with Amount’s strategy to further expand into the U.S. credit union market. Existing investors, including Growth Investing at Goldman Sachs, WestCap, Hanaco Ventures, and QED Investors also participated in the round.”
Amount also plans to use the new funding “to enhance its current artificial intelligence and machine learning capabilities.”
As a longtime partner to banks like Fifth Third Bank, as well “as major card networks such as Mastercard, Amount in 2022 announced a partnership with the largest credit union service organization in the country, Velera (formerly PSCU), to provide digital credit card origination solutions for its clients.”
Earlier this year, Amount strengthened its partnership with Velera “when the latter announced the launch of its new digital lending suite, Origination Solutions.”
Adam Hughes, CEO of Amount said:
“Amount has long recognized the unique opportunity credit unions have to better serve their members via digital channels for efficient origination of credit products and deposit accounts. Amount has historically had tremendous success working with larger enterprise banks, and now this funding round positions our company to add tremendous value to thousands of credit unions, strengthening the relationships with their members.”
Nick Evens, CEO of Curql, said:
“At Curql, we are committed to identifying and supporting fintech companies that can transform the CU member experience – driving relevancy and competitiveness. Our investment in Amount underscores this commitment. Amount’s innovative digital lending and deposit accounts platform is poised to significantly improve lending for credit unions, making the process more efficient, accessible, and member-friendly.”
Kevin Marcus, Partner, Co-COO and Head of Strategic Operators at WestCap, said:
“Amount has become one of the leaders in digital origination and decisioning software for banks. We’re proud to continue supporting Amount as they empower credit unions and other financial institutions to provide superior digital services to their members.”
As noted in the update, Amount is a global digital origination and decisioning SaaS platform powering “high-velocity consumer and SMB origination for financial institutions.”
Developed by lending industry professionals, Amount helps banks and credit unions drive profitability and achieve “a performance advantage with a fully integrated and flexible platform underpinned by enterprise bank-grade infrastructure and compliance – enabling financial institutions to deliver new and differentiated offerings within months, not years.”
With Amount, banks and credit unions can “optimize performance across product categories while tapping into various service offerings including customer acquisition, funnel and performance assessments, and risk analytics.”
Amount clients include financial institutions collectively “managing just over $3.1T in US assets and servicing more than 50 million U.S. consumers.”