Amount, a fintech that offers software banks can use to make "buy now, pay later" loans to consumers, says it has raised an additional $100 million from banks and other investors.
The Series D round of funding gives it so-called unicorn status, meaning it's a young private company that has achieved a total valuation exceeding $1 billion.
Investors in Chicago-based Amount include the growth-equity firm WestCap, Hanaco Ventures, Goldman Sachs, Invus Opportunities and Barclays Principal Investments.
The company's valuation has climbed more than 50% since December 2020, when
“The additional capital clearly demonstrates the value our investors see in Amount’s ability to accelerate digital transformation in the banking and e-commerce industries through our robust retail banking suite and buy now, pay later platforms,” said Adam Hughes, Amount's CEO.
Amount’s recent partnerships include one with Barclays's U.S. consumer bank. Barclays was one of the first large banks to offer installment point-of-sale options, with the ability for merchants to white-label POS payments under their own brand, all powered by Amount. Other partners include HSBC, TD Bank, Regions Financial, Banco Popular and Avant.
“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.
The newly raised capital will be used to speed up hiring in the company’s product, technology and sales groups while the company pursues merger and acquisition opportunities to add new products and features to the Amount platform.
