Amount, a tech provider for financial institutions, has raised $100 million in Series D funding. The backer was WestCap.
(Chicago, IL) May 18, 2021 – Amount, a leading technology provider for financial institutions, today announced it has closed a Series D capital raise, bringing in nearly $100 million of additional primary equity capital from WestCap, a growth equity firm founded by Laurence Tosi, Hanaco Ventures, Goldman Sachs, Invus Opportunities and Barclays Principal Investments, making Amount an official startup unicorn with a post-money valuation in excess of $1 billion.
Amount is one of the fastest growing startups worldwide. Having generated $1B in value in only 16 months, Amount joins three other Chicago companies who have also reached the $1B+ valuation mark in 2021. The Series D round represents over a 50% increase in valuation from the Goldman Sachs-led $86M Series C announced in late 2020, bringing Amount’s total capital raised to $243M since becoming an independent company in January 2020. The capital will continue to fuel Amount’s rapid growth as the preferred partner for banks seeking to deliver seamless and simple customer experiences to compete with fintech rivals.
“The additional capital clearly demonstrates the value our investors see in Amount’s ability to accelerate digital transformation in the banking and ecommerce industries through our robust retail banking suite and buy now, pay later platforms,” said Adam Hughes, CEO of Amount. “We’re thrilled with the confidence that blue chip investors continue to have in our momentum and are excited to join the other Chicago tech unicorns who are helping make our city a hub for technological innovation and progress.”
Amount is the market’s first and only battle-tested enterprise solution built specifically for the banking industry by helping banks and financial institutions upgrade and enhance their digital retail banking experience and compete in the buy now, pay later space by leveraging Amount’s world-class verification and analytics capabilities. Recent partnerships include Barclays US Consumer Bank, which became one of the first major banks to offer installment point-of-sale options, with the ability for merchants to “white label” POS payments under their own brand – all powered by Amount. Other bank partners include HSBC, TD Bank, Regions, Banco Popular and Avant.
“We specifically chose Amount because it’s a market leader with tremendous industry experience and a phenomenal leadership team,” Kevin Marcus, partner at WestCap. “We believe that Amount has the right framework in place to help banks modernize and update their infrastructure, which will democratize access to financial products, helping make them more understandable and available to consumers nationwide.”
The Series D capital will be used to accelerate hiring in the company’s product, technology and sales groups while pursuing accretive merger and acquisition opportunities to add new products and features to the Amount platform.
“Having invested in Amount previously, we’re clearly fans of their exemplary track record, which shows no signs of slowing down,” said Lior Prosor, general partner and co-founder of Hanaco Ventures. “We’re honored to continue to back Amount and the important work they’re doing to help consumers get access to transparent, seamless and easy-to-understand payment options.”
For more information, visit www.amount.com.
Amount delivers the technology that financial institutions need to create and enhance the digital consumer experience. Built by lending industry veterans, Amount helps partners go digital in months—not years—with omnichannel retail banking experiences and a robust point-of-sale lending solution underpinned by platform features including fraud prevention, verification, and decisioning engines. With Amount’s technology, bank partners can optimize performance across product categories by tapping into various service offerings including customer acquisition, funnel and performance assessments, and risk analytics. Amount clients include financial institutions collectively managing nearly $2T in US assets and servicing more than 50 million U.S. customers. Visit www.amount.com for more information.