Amount raises $81 mn Series C investment led by Goldman Sachs

By Pavithra R

Amount, accelerating the world’s transition to digital financial services has announced it has raised an $81 mn Series C investment led by Goldman Sachs Growth with participation from existing investors including August Capital, Invus Opportunities and Hanaco Ventures.

The finance has brought the company’s 2020 capital raise to $140 mn. Amount is planning to use the funding to help scale sales and marketing while accelerating platform research and development investments.

“Most banks are looking for resources and infrastructure to accelerate their digital strategy and meet the demands of today’s consumer. Amount enables banks to navigate digital transformation through its modular and mobile-first platform for financial products. We’re excited to partner with the team as they take on this compelling market opportunity,” said Jade Mandel, a Vice President in Goldman Sachs’ growth equity platform, GS Growth, who will be joining the Board of Directors at Amount.

Amount’s battle-tested retail banking and point-of-sale (POS) technology accelerates digital transformation for financial institutions (FIs), empowering them to deliver a secure and seamless digital customer and merchant experience leveraging its verification and analytics capabilities.

The funding announcement follows the FinTech’s recent Series B round led by Nigel Morris and the team at QED Investors. Amount delivers omnichannel retail banking experiences, and a robust POS financing product suite alongside platform features like fraud prevention, verification, decisioning engines, and account management to enhance its partners’ existing products and services.

“With the pressure to provide world-class origination and account management experiences to customers and buy-now-pay-later tools to important merchant partners, banks need a proven platform for quickly going digital, delivering a seamless customer experience and driving growth without disruption. We are honored that Goldman Sachs and our other investors are backing Amount with capital that will help us continue to develop and deliver technology that pushes the envelope and helps our bank partners expand digitally and grow with ease,” said Adam Hughes, CEO of Amount.

Amount believes in the power of technology to transform lives. The firm has partnered with various FIs including Banco Popular, HSBC, Regions Bank and TD Bank to drive growth and simplify their transition to digital financial services. The firm 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.