Amount, a digital origination and decisioning software as a service (SaaS) platform, has secured $30m in equity funding to bolster its digital lending solutions for credit unions and banks.
The company plans to utilise the funds to further enhance its advanced technology and expedite its expansion within the credit union sector, building on its record of helping financial institutions optimise and simplify their business processes.
Additionally, Amount will leverage the new capital to further develop its artificial intelligence (AI) and machine learning capabilities.
Curql, a collective of credit unions investing in fintech, has joined Amount as a new strategic investor.
The new strategic investor’s commitment is in line with the digital origination and decisioning SaaS platform’s strategy to expand its presence in the US credit union market.
Curql CEO Nick Evens said: “At Curql, we are committed to identifying and supporting fintech companies that can transform the CU member experience – driving relevancy and competitiveness.
“Our investment in Amount underscores this commitment. Amount’s innovative digital lending and deposit accounts platform is poised to significantly improve lending for credit unions, making the process more efficient, accessible, and member-friendly.”
Other participants in the funding round include Amount’s existing investors, including Growth Investing at Goldman Sachs, Hanaco Ventures, QED Investors and WestCap.
Based in the US, Amount supports consumer and small business deposit account opening and loan origination.
The firm empowers banks and credit unions to achieve profitability and attain a performance advantage with a fully integrated and flexible platform underpinned by enterprise bank-grade infrastructure and compliance.
It has partnerships with banks such as Fifth Third Bank and major card networks like Mastercard.
Amount CEO Adam Hughes said: “Amount has long recognised the unique opportunity credit unions have to better serve their members via digital channels for efficient origination of credit products and deposit accounts.
“Amount has historically had tremendous success working with larger enterprise banks, and now this funding round positions our company to add tremendous value to thousands of credit unions, strengthening the relationships with their members.”
In 2022, Amount joined forces with credit union service organisation Velera to provide digital credit card origination solutions to its clients. Earlier this year, Amount strengthened the partnership following the launch of Velera’s new digital lending suite, Origination Solutions.
