Amount, the digital origination and decisioning Software-as-a-Service (SaaS) platform, has successfully secured $30 million in equity capital to further advance its technology and expand its footprint in the U.S. credit union sector. As a company specializing in loan origination and deposit account opening for both consumers and small businesses, Amount is set to utilize this fresh injection of funds to enhance their technological capabilities and improve financial solutions for its ever-growing customer base. This funding round is a significant milestone, reflecting the organization’s commitment to streamlining business processes for financial institutions, particularly credit unions.
Fostering deeper relationships with credit unions is a key component of Amount’s future strategy. To that end, the company has announced a strategic partnership with Curql, a collective of credit unions investing in fintech. Curql’s participation as an investor underscores the strong synergies between Amount and the credit union market. Other prominent firms joining the investment round include Growth Investing at Goldman Sachs, WestCap, Hanaco Ventures, and QED Investors. These partnerships highlight the industry’s confidence in Amount’s potential to drive meaningful improvements in digital banking solutions through continuous innovation.
Expanding Technological Investments
Not just content with securing new capital, Amount is also focusing on boosting its artificial intelligence (AI) and machine learning (ML) capabilities. These advancements will help refine their digital platform and offer better services to their clients, which include Fifth Third Bank and Mastercard. The collaborative effort with Velera (formerly PSCU) in 2022 stands as a significant testament to Amount’s ability to scale. Together, they launched new digital credit card origination solutions that were further expanded into Velera’s digital lending suite, Origination Solutions, earlier in the year. These solutions have accelerated the digital transformation for many financial institutions, allowing them to offer more responsive and efficient services.
Adam Hughes, CEO of Amount, emphasized that the new funding opens a remarkable opportunity for credit unions to better serve their members through digital channels. According to Hughes, the ability to streamline and digitalize processes can yield significant efficiencies and enhance member satisfaction. In tandem, Nick Evens, CEO of Curql, reiterated Curql’s commitment to supporting fintech companies that elevate the credit union member experience. Evens highlighted that this sector is ripe for innovation, and companies like Amount are well-positioned to lead this transformation. Such collaborations and investments underscore the pivotal role of technology in modernizing financial processes.
Solidifying Industry Leadership
Amount, a SaaS platform specializing in digital loan origination and deposit account opening, has successfully raised $30 million in equity capital to boost its tech capabilities and expand its presence in the U.S. credit union market. By securing this investment, Amount aims to enhance its financial solutions for consumers and small businesses alike. This funding represents a crucial milestone for the company, underscoring its dedication to streamlining business processes for financial institutions, especially credit unions.
An essential part of Amount’s growth strategy focuses on strengthening ties with credit unions. In line with this, the company has formed a strategic partnership with Curql, a collective of credit unions investing in fintech innovation. Curql’s involvement as an investor highlights the strong alignment of interests between Amount and the credit union sector. Other significant participants in this investment round include Growth Investing at Goldman Sachs, WestCap, Hanaco Ventures, and QED Investors. These alliances reinforce the industry’s confidence in Amount’s potential to drive impactful advancements in digital banking solutions through ongoing innovation.
