Amount raises $100 mn in Series D, reaches unicorn status
By Pavithra R
Amount, a leading technology provider accelerating the world’s transition to digital financial services, has announced closing a Series D capital raise, bringing in nearly $100 mn of additional primary equity capital.
The investment round saw participation from WestCap, a growth equity firm founded by Laurence Tosi, Hanaco Ventures, Goldman Sachs, Invus Opportunities and Barclays Principal Investments. The new round brings the company with a post-money valuation in excess of $1 bn.
“The additional capital clearly demonstrates the value our investors see in Amount’s ability to accelerate digital transformation in the banking and ecommerce industries through our robust retail banking suite and buy now, pay later platforms. We’re thrilled with the confidence that blue chip investors continue to have in our momentum and are excited to join the other Chicago tech unicorns who are helping make our city a hub for technological innovation and progress,” said Adam Hughes, CEO of Amount.
Amount joins three other Chicago companies who have also reached the $1B+ valuation mark in 2021. The Series D round represents over a 50% increase in valuation from the Goldman Sachs-led $86M Series C announced in 2020, bringing its total capital raised to $243 mn since becoming an independent company in January 2020.
The firm will use the investment to fuel its growth as the preferred partner for banks seeking to deliver seamless and simple customer experiences to compete with fintech rivals. The capital will also be used to accelerate hiring in the company’s product, technology and sales groups while pursuing accretive merger and acquisition opportunities to add new products and features to the Amount platform.
“We specifically chose Amount because it’s a market leader with tremendous industry experience and a phenomenal leadership team. We believe that Amount has the right framework in place to help banks modernize and update their infrastructure, which will democratize access to financial products, helping make them more understandable and available to consumers nationwide,” said Kevin Marcus, partner at WestCap.
Amount believes in the power of technology to transform lives. The firm has partnered with various FIs including Banco Popular, HSBC, Barclays US Consumer Bank, Regions Bank and TD Bank to drive growth and simplify their transition to digital financial services. It continues to power profitable decisioning, adapting legacy systems and unifying data to widen the possibilities for FIs to deliver new products and better serve customers while unlocking efficiencies and cost savings.
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