Total amount raised
$313 Million
Latest funding date
08/01/2024
Location
Amount has successfully raised funding over five rounds, with notable investors including QED Investors and WestCap. The company has been acquired by FIS, further solidifying its position in the fintech industry.
Keep reading to explore the intricacies of Amount's fundraising journey and the investors backing this innovative platform.
What Is Amount?
Amount is a digital technology company based in Chicago, Illinois, specializing in accelerating digital transformation for financial institutions. The company operates in the banking, finance, financial services, and fintech industries.
Founded with the mission to modernize and improve digital capabilities for financial institutions, Amount has grown to employ between 101-250 people. The company has been acquired by FIS, further expanding its reach and capabilities in the fintech sector.
How Much Funding Has Amount Raised?
- Series B
- Amount Raised: USD 58,000,000
- Date: March 2020
- Lead Investors: QED Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance digital transformation capabilities.
- Series C
- Amount Raised: USD 86,000,000
- Date: December 2020
- Lead Investors: Goldman Sachs Growth Equity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and market reach.
- Series D
- Amount Raised: USD 99,000,000
- Date: May 2021
- Lead Investors: WestCap
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance technological capabilities.
- Series Unknown
- Amount Raised: USD 40,000,000
- Date: May 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and development initiatives.
- Series Unknown
- Amount Raised: USD 30,000,000
- Date: August 2024
- Lead Investors: Curql
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into the credit union sector and enhance AI capabilities.
Total Amount Raised: USD 313,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Curql
- Details: Curql is a collective of credit unions jointly investing in fintech. It aims to bring transformative technology to credit unions.
- Investment Focus Areas: Fintech companies, technologies that drive relevancy and competitiveness for credit unions.
- Notable Investments: Amount.
- WestCap
- Details: WestCap is an investment firm. Kevin Marcus, Partner, Co-COO, and Head of Strategic Operators at WestCap, commented on their support for Amount.
- Investment Focus Areas: Digital services for financial institutions, empowering credit unions and banks to provide superior digital services.
- Notable Investments: Amount.
- Goldman Sachs Growth Equity
- Details: Goldman Sachs Growth Equity is a division of Goldman Sachs that focuses on growth investments. It is one of the existing investors in Amount.
- Investment Focus Areas: Growth investments in various sectors, including fintech.
- Notable Investments: Amount.
- QED Investors
- Details: QED Investors is a venture capital firm. It is one of the existing investors in Amount.
- Investment Focus Areas: Venture capital investments in fintech and related sectors.
- Notable Investments: Amount.
What's Next for Amount?
Amount is poised to capitalize on the burgeoning opportunities in the credit union sector, leveraging its recent $30 million equity funding to enhance AI and machine learning capabilities. This strategic move aims to provide superior digital lending solutions, positioning Amount to serve millions of U.S. consumers through its partnerships with major financial institutions.
Future fundraising prospects appear promising, given the significant investments from high-profile entities like Goldman Sachs and WestCap. However, the company may face challenges integrating advanced technologies and competing with Big Tech firms, which are increasingly entering the financial services space.
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