SaaS company Amount attracts Goldman Sachs and others in a successful series C funding round
Chicago-based Amount uses an SaaS model, and specialises in retail banking and point of sale technology which helps to provide the seamless payment and processing needed to keep today’s digital customers engaged.
Chicago-based financial technology company Amount, a company which takes an SaaS approach to selling digital-banking tech for financial institutions has tapped the private equity markets for funds with series C issue that raised $81 million.
The fundraising round attracted some high profile investors with Goldman Sachs Growth appearing on the ticket, alongside existing Amount investors, August Capital, Invus Opportunities and Hanaco ventures.
The successful exercise brought the amount of fresh cash that Amount has raised in 2020 to $140 million, which the company is using to boost sales and marketing as well as accelerating platform development and other R&D.
Jade Mandel, Vice President of Goldman Sachs Growth, who will be joining the board of Amount said that “Most banks are looking for resources and infrastructure to accelerate their digital strategy and meet the demands of today’s consumer,”
That’s something that Goldman Sachs has direct experience of thanks to the take up of its Marcus online savings product in the UK, which saw so much demand it had to close its virtual doors to new customers earlier in the year.
Amount specialises in retail banking and point of sale technology which helps to provide the seamless payment and processing needed to keep today’s digital customers engaged.
Amount’s modular solutions support a full range of digital banking services, covering areas as diverse as marketing, verification, user experiences and interfaces, fraud prevention and CRM and the company aims to move its financial services, customers, online in a matter of months rather than years.
Amount has already partnered with the likes of HSBC, BBVA and TD Bank who use Amount’s platform to support a new digital and mobile personal lending product, through which TD customers can apply for loans of up to C$35,000. If the loans are approved customers can expect to receive the funds as soon as the next day.
Amount CEO Adam Hughes was recently named as one of the top 50 CEOs in tech by the influential Financial Technology Report.
Mr Hughes cut his teeth at Amount’s former parent Avant, which spun out Amount earlier this year, and he served as President and COO of Avant before taking up the role at Amount.
Banking technology is a highly competitive market place and not all providers will be winners, however Amount seems to have a story that resonates with private equity managers and banking customers and if it can continue to keep both of those groups happy then it could have a very bright future.