Amount, a leading digital origination and decisioning SaaS platform, has successfully closed a $30m equity capital raise.
The funding round saw participation from Curql, a collective of credit unions focused on fintech investments, joining forces with longstanding backers including Goldman Sachs’ Growth Investing, WestCap, Hanaco Ventures, and QED Investors.
Amount is renowned for its robust platform that supports both consumer and small business banking needs by streamlining deposit account openings and loan origination processes.
With the new funds, Amount plans to further invest in its cutting-edge technology, particularly enhancing its artificial intelligence and machine learning capabilities. The goal is to accelerate its progress within the credit union industry, building on its proven track record of facilitating simple and efficient banking solutions.
In addition to technological enhancements, the investment will also bolster Amount’s ongoing initiatives with key partners like Fifth Third Bank and Velera (formerly PSCU). The latter collaboration has notably advanced with the recent launch of Velera’s new digital lending suite, Origination Solutions, aimed at optimizing credit card origination services.
Adam Hughes, CEO of Amount, commented on the funding’s impact, stating, “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.”
Echoing this sentiment, Nick Evens, CEO of Curql, highlighted their strategic investment in Amount, “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.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
