Amount Raises $30 Million in Equity Funding to Power Digital Lending Solutions for Credit Unions and Banks
August 15 2024 - 12:00PM
Business Wire
Curql, a collective of credit unions jointly
investing in fintech, joins existing investors Goldman Sachs,
WestCap, Hanaco, and QED Investors
Amount, a digital origination and decisioning SaaS platform
powering consumer and small business deposit account opening and
loan origination, today announced the successful close of a $30
million equity capital raise. The company will use the funds to
further invest in its world-class technology and accelerate its
progress in the credit union sector, building on Amount’s
successful track record of helping financial institutions simplify
and streamline their business processes.
Amount welcomes Curql, a collective of credit unions jointly
investing in fintech, as a new strategic investor. The investment
from Curql aligns with Amount’s strategy to further expand into the
U.S. credit union market. Existing investors, including Growth
Investing at Goldman Sachs, WestCap, Hanaco Ventures, and QED
Investors also participated in the round. Amount also plans to use
the new funding to enhance its current artificial intelligence and
machine learning capabilities.
As a longtime partner to banks like Fifth Third Bank, as well as
major card networks such as Mastercard, Amount in 2022 announced a
partnership with the largest credit union service organization in
the country, Velera (formerly PSCU), to provide digital credit card
origination solutions for its clients. Earlier this year, Amount
strengthened its partnership with Velera when the latter announced
the launch of its new digital lending suite, Origination
Solutions.
“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,”
said Adam Hughes, CEO of Amount. “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.”
“At Curql, we are committed to identifying and supporting
fintech companies that can transform the CU member experience –
driving relevancy and competitiveness,” said Nick Evens, CEO of
Curql. “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.”
“Amount has become one of the leaders in digital origination and
decisioning software for banks,” said Kevin Marcus, Partner, Co-COO
and Head of Strategic Operators at WestCap. “We’re proud to
continue supporting Amount as they empower credit unions and other
financial institutions to provide superior digital services to
their members."
About Amount Amount is a global digital origination and
decisioning SaaS platform powering high-velocity consumer and SMB
origination for financial institutions. Developed by lending
industry experts, Amount helps banks and credit unions drive
profitability and achieve a performance advantage with a fully
integrated and flexible platform underpinned by enterprise
bank-grade infrastructure and compliance – enabling financial
institutions to deliver new and differentiated offerings within
months, not years. With Amount, banks and credit unions can
optimize performance across product categories while tapping into
various service offerings including customer acquisition, funnel
and performance assessments, and risk analytics. Amount clients
include financial institutions collectively managing just over
$3.1T in US assets and servicing more than 50 million U.S.
consumers. Visit www.amount.com for more information.
About Curql Curql Collective is a collaborative ecosystem
of progressive credit unions jointly investing in innovative
fintech. Through a family of funds, including Curql Fund I, Curql
Fund II, and Curql Accelerate, Curql strategically invests in the
visions of entrepreneurs to bring transformative technology to
credit unions to revolutionize how credit union members engage with
financial services in the digital age. As the on-ramp to fintech
collaboration and innovation, Curql connects credit unions with the
future of the credit union industry. For more information, please
visit curql.com/credit-unions/
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