CHICAGO, Dec. 2, 2020 /PRNewswire/ -- Amount, a leading technology provider for financial institutions, today announced it has secured an $81 million Series C investment led by Goldman Sachs Growth with participation from existing investors including August Capital, Invus Opportunities and Hanaco Ventures.
"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 in Goldman Sachs' growth equity platform, GS 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."
Amount's battle-tested retail banking and point-of-sale technology accelerates digital transformation for financial institutions, empowering them to deliver a secure and seamless digital customer and merchant experience while leveraging Amount's world-class verification and analytics capabilities. Leading financial institutions including Banco Popular, HSBC, Regions Bank and TD Bank partner with Amount to drive growth and simplify their transition to digital financial services.
Today's funding announcement follows the company's Series B round earlier this year, led by Nigel Morris and the team at QED Investors. "Amount has the wind at its back and the industry is taking notice," said Morris. "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. QED is thrilled to be a part of Amount's story and we look forward to the company's future success as it plays a vital role in the digitization of financial services."
Amount continues to power profitable decisioning, adapting legacy systems and unifying data to widen the possibilities for financial institutions to deliver new products and better serve customers while unlocking efficiencies and cost savings. Today, Amount delivers omnichannel retail banking experiences and a robust point-of-sale financing product suite alongside platform features like fraud prevention, verification, decisioning engines, and account management to enhance its partners' existing products and services.
"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," said Adam Hughes, CEO of Amount. "We are honored 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."
FT Partners served as advisor to Amount on this transaction.
For more information, visit www.amount.com.
Amount delivers the technology 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 financing product suite underpinned by platform features including fraud prevention, verification, decisioning engines and account management. Amount 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.
About Goldman Sachs Growth
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm's long-term principal investing activity. As part of MBD, Goldman Sachs Growth is the dedicated growth equity team within Goldman Sachs, with over 25 years of investing history, over $8 billion of assets under management, and 9 offices globally.