Amount secures $81m Series C investment to help supercharge banks’ digital transformation

Technology provider for financial institutions Amount has added $81m to its coffers in a Series C investment round led by Goldman Sachs Growth.

Existing investors, including August Capital, Invus Opportunities and Hanaco Ventures, also participated in the raise.

“Most banks are looking for resources and infrastructure to accelerate their digital strategy and meet the demands of today’s consumer,” said Jade Mandel, a vice president at Goldman Sachs Growth, who will be joining the board of directors at Amount.

“Amount enables banks to navigate digital transformation through its modular and mobile-first platform for financial products. We’re excited to partner with the team as they take on this compelling market opportunity.”

Banks around the world are currently busy digitalising their infrastructures and offerings in order to meet the demands of today’s customers.

Amount’s technology is essentially offering a way for these institutions to accelerate their digital transformation, empowering them to deliver a secure and seamless digital customer and merchant experience while leveraging Amount’s world-class verification and analytics capabilities.

Banco Popular, HSBC, Regions Bank and TD Bank are some of the banks using the company’s services.

“Amount has the wind at its back and the industry is taking notice,” said Nigel Morris, managing partner at QED Investors, which led a previous Amount raise this year. “The latest round brings Amount’s total capital raised in 2020 to nearly $140m, which will provide for additional investments in platform research and development while accelerating the company’s go-to-market strategy.”

Adam Hughes, CEO of Amount, added, “With the pressure to provide world-class origination and account management experiences to customers and buy-now-pay-later tools to important merchant partners, banks need a proven platform for quickly going digital, delivering a seamless customer experience and driving growth without disruption.

“We are honoured that Goldman Sachs and our other investors are backing Amount with capital that will help us continue to develop and deliver technology that pushes the envelope and helps our bank partners expand digitally and grow with ease.”

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