FinTech Amount Raises $ 100 Million From Goldman Sachs, Barclays And Others
Amount, a fintech that offers software that banks can use to provide âbuy now, pay laterâ loans to consumers, says it has raised an additional $ 100 million from banks and other investors.
The Series D funding cycle grants it unicorn status, meaning it is a young private company that has achieved a total valuation of over $ 1 billion.
Investors in Chicago-based Amount include private equity firm WestCap, Hanaco Ventures, Goldman Sachs, Invus Opportunities and Barclays Principal Investments.
The company’s valuation has climbed more than 50% since December 2020, when Goldman led his $ 86 million Series C. Amount raised a total of $ 243 million after its spin-off in January 2020 from online lender Avant.
“The additional capital clearly demonstrates the value our investors see in Amount’s ability to accelerate digital transformation in the banking and e-commerce industries through our strong retail banking suite and buy now, pay later.” Said Adam Hughes, CEO of Amount.
Amount’s recent partnerships include a partnership with Barclays US consumer bank. Barclays was one of the first major banks to offer installment point-of-sale options, with the ability for merchants to make white-label point-of-sale payments under their own brand, all powered by Amount. Other partners include HSBC, TD Bank, Regions Financial, Banco Popular and Avant.
“We believe that Amount has put in place the right framework to help banks modernize and update their infrastructure, which will democratize access to financial products, making them more understandable and accessible to consumers across the country.” , said Kevin Marcus, partner at WestCap.
Newly raised capital will be used to accelerate hiring in the company’s product, technology and sales groups as the company pursues merger and acquisition opportunities to add new products and features to the platform. Amount.