FinTech: Chicago Welcomes Its Newest Unicorn In Amount, Which Raised $100M

May 19, 2021 | FinTech, News, Venture Capital

The Series D round is Amount’s third financing in 14 months.

Chicago-based Amount, a fintech that spun out of digital consumer lending company Avant in 2020, announced Tuesday its Series D round raise of $100 million at a valuation of $1 billion. Amount thus earned its horn as Chicago’s latest unicorn. (Bizjournal)

VC firm WestCap led the round which saw participation by investors such as Hanaco Ventures, Goldman Sachs, Invus Opportunities, and Barclays Principal Investments. WestCap has been founded by ex-Airbnb and Blackstone CFO Laurence Tosi.

Amount previously raised $68 million in December and then again $58 million in March. The latest round brings the company’s total funding to $243 million.

Creditably, the startup has amassed its $1 billion valuation in a matter of just 16 months.

Helping banks digitize

Amount’s technology helps banks and financial institutions rapidly digitize legacy operations, and thereby compete better with high-tech fintechs that are snapping at their heels. They can launch digital omnichannel retail banking experiences or point-of-sale lending solutions within months.

Banks can also use the company’s technology in consumer lending, to transfer money to consumers, to prevent fraud, and for account management.

The firm’s clients include Barclays U.S. Consumer Bank, BBVA, HSBC, TD Bank, Regions, Banco Popular, and Avant.

Use of funds

Amount will expand its hiring and R&D and is also mulling acquisitions to quickly add more features to its platform.

“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,” CEO Adam Hughes said in a statement.

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Image of Amount Office: Glassdoor                                                

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