Amount
Overview
Amount is a fintech company that provides a digital banking and financial technology platform designed to help banks and credit unions offer mobile banking experiences quickly and efficiently. Founded in 2014 by Al Goldstein, Amount is headquartered in Chicago, Illinois. The company focuses on account origination and loan origination solutions, helping financial institutions scale and maintain a competitive advantage. As of its latest funding round in July 2024, Amount raised $30 million, bringing its total funding to approximately $253.2 million.
Recent Developments
- October 15, 2024: Amount launched a unified account opening and loan origination platform aimed at reducing costs and streamlining operations for banks and credit unions. This platform enhances customer experience by minimizing "deposit drift" and integrating deposit and lending products into a single interface.
- October 24, 2024: Amount unveiled an AI Policy Optimizer to help lenders optimize underwriting strategies using advanced AI capabilities. This tool allows for better management of credit, pricing, and fraud policies.
- September 2024: Amount raised $30 million in a Series E funding round, with contributions from investors like Goldman Sachs and WestCap. The funding is intended to enhance digital lending solutions for financial institutions.
- June 2024: Amount appointed Len Eschweiler as Chief Revenue Officer to drive the company's growth. This strategic move aligns with Amount's plans to expand its offerings and strengthen market position.
- March 2024: Amount announced its collaboration with Liberty Bank to transform consumer lending capabilities, enhancing their digital origination platform.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2014 |
| Headquarters | Chicago, Illinois, USA |
| Founders | Al Goldstein |
| Revenue | N/A |
| Profits | N/A |
| Key Investors | QED Investors, WestCap, Curql |
| Industry | Fintech |
| Number of Employees | Approximately 215 |
Early History
Amount originated as a spin-off from Avant, a consumer lending startup, in 2014. It was created to streamline the technological infrastructure and digital banking solutions used by banks and financial institutions. By leveraging Avant's expertise, Amount quickly established itself as a leader in the fintech landscape, focusing on enhancing the digital experiences of retail banking clients. The decision to create Amount was driven by the demand for faster, more efficient digital solutions in banking, which was a gap Avant intended to bridge for larger financial institutions.
Company Profile and Achievements
Amount operates as a software-as-a-service (SaaS) provider, offering digital origination and decisioning platforms that enable banks to enhance their credit, fraud, and compliance capabilities. Over the years, Amount has achieved significant milestones, including:
- Launching a comprehensive SaaS platform that caters to the needs of both consumer and small business lending sectors.
- Implementing AI-driven tools like the AI Policy Optimizer to fine-tune underwriting and risk management strategies.
- Expanding collaborations with major banks and credit unions, such as Barclay's and Liberty Bank, to transform and modernize their lending platforms.
- Achieving unicorn status attributed to its innovative solutions and successful funding rounds.
- Developing a robust API toolkit allowing for seamless integration into existing banking systems, thus enhancing operational efficiency and customer satisfaction.
Current Operations and Market Position
Amount's operations focus on providing comprehensive digital banking solutions that address the evolving needs of the financial services industry. The company's primary offering includes a digital origination platform that integrates account opening and loan origination processes. Amount is noted for its agility in deploying solutions, which can be operational within months. This speed to market gives Amount a competitive advantage, particularly in an environment where the demand for digital banking solutions is rapidly growing. With its continued innovation and strategic partnerships, Amount positions itself as a leader in fintech, particularly in digital lending platforms.
Conclusion
Amount represents a pivotal force in the fintech industry, enabling financial institutions to adopt digital solutions that enhance efficiency, reduce operational costs, and deliver superior customer experiences. Through continuous innovation and strategic partnerships, Amount is not only leading but also shaping the future of digital banking by offering scalable, adaptable, and robust technological solutions. With its rich history of success in transforming banking experiences, Amount is well-situated to continue its impact on the industry, fostering greater financial inclusivity and technological advancement.