Amount, a digital origination and decisioning SaaS platform powering consumer and small business deposit account opening and loan origination, announced the closing of a $30 million equity capital raise. Amount welcomes Curql (a collective of credit unions jointly investing in fintech) as a new strategic investor. This investment from Curql aligns with Amount’s strategy to expand more into the U.S. credit union market. The company’s existing investors, including Growth Investing at Goldman Sachs, WestCap, Hanaco Ventures, and QED Investors, also joined the round.
The company will use this funding to further invest in its world-class technology and accelerate its progress in the credit union sector, building on its successful track record of helping financial institutions simplify and streamline their business processes. Amount also plans to use the new funding to enhance its current artificial intelligence and machine learning capabilities.
As a partner to banks like Fifth Third Bank and major card networks like MasterCard, Amount also collaborates with Velera (formerly PSCU), the country’s largest credit union service organization, in 2022 to provide digital credit card origination solutions for its clients. Earlier this year, Amount strengthened a partnership with Velera when the latter announced the launch of its new digital lending suite, Origination Solutions.
KeY QUOTES:
“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.”
– Adam Hughes, CEO of 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.”
– Nick Evens, CEO of Curql
“Amount has become one of the leaders in digital origination and decisioning software for banks. We’re proud to continue supporting Amount as they empower credit unions and other financial institutions to provide superior digital services to their members.”
– Kevin Marcus, Partner, Co-COO and Head of Strategic Operators at WestCap
