Technology providers to banks and financial institutions firm Amount have raised $99 million in funding, now its total valuation is up to 1 billion.
The funding round led by WestCap, with supporting investors like Goldman Sachs, Invus Opportunities, and Barclays Principal Investments were some of the participants in the round.
Interestingly, just 5 months back Amount raised another $86 million in a Series C round led by Goldman Sachs at a valuation of 890 Million.
Amount 99m series azevedotechcrunch
This was just 4 months after quietly raising $99million for series D. Overall these investments take the Amount valuation to $1b.
Amount’s mission is to assist institutions to become digital and technology based in mere months which will help them compete then with their rivals.
About Amount Working and Its Financers
Amount was formed in 2019, around the time the pandemic hit us. The pandemic phase actually helped them gain significant gains. Amount was specifically made for the banking sectors.
With modern features like fraud prevention, account management, and more, you can go paperless with knowledgeable customer service. Amount is an organization with the goal of advancing banks to offer digital products that will help increase business.
Amount’s goal is to provide banking agencies with technology and help them go digital – and not only this but also provide extremely secure and protective services.
Noticeably, TD Bank, HSBC, Regions, Banco Popular, and Avant (of course) are among the bank organizations that use technology to make their transactions more secure and go digital.
The pandemic increased banks’ interest in technologies and digitization. Banks also have a threat and Competition from fintech – due to which they need help from Amount to up their game.
With the rise of all these funding, the startup has only gained momentum. More and more banks are favouring assistance with technology.
Overall Amount has management responsibilities of over 2 trillion assets and has 5 crore US citizens added on it. A partner at WestCap said his firm invested in Amount based on faith that it will help them improve their game and it actually did!
Amount is the market leader in its domain and has done better than all other competitors. Bank organizations in the US are increasingly favoring Amount for services and putting faith in them.
With the help of this money, Amount hopes to expand internationally and increase its R&D spending. With these investments, Amount intends to target the future and pursues the discovery of additional fields in which it can excel.
“Amount is the market pioneer in contributing to the change, through its remarkable quality of the products, Amount makes institutions increase and enhance the experience in the financing and banking sector for their end customers and maintain a key competitive advantage in the marketplace.”
Kevin Marcus, the partner at WestCap, said his firm invested in Amount based on the belief that banks and other financial institutions have “a point-in-time opportunity to democratize access to traditional financial products by accelerating modernization efforts.
Interestingly the founder has refused to give any information on the financing of the company. He has said that the amount the company has done so well means that it has the potential to go international.
The company is hoping to uplift itself significantly over the period of time and make the much-needed reform and change.
Mr. Kevin says that this is a once-in-a-lifetime opportunity for an amount. The company is all set to increase its employee base and improve its expansion. The org is already spread all over the US, Europe, and Central Asia.
As a part of the future strategy, the founders are expecting the organization to go global and expand itself in East Asian countries as well. As a part of the future strategy, the founders are expecting the organization to go global and expand itself in East Asian countries as well.
Overall Amount has done significant work in this field and touched the total transaction value to 2 trillion dollars. It has also connected over 50m accounts and this makes it one of the biggest companies out there.