Total amount raised
$313 Millions
Latest funding date
08/01/2024
Location
Amount has successfully raised funding through various rounds, with notable investors such as QED Investors and WestCap backing the company. The platform is designed to accelerate digital transformation for financial institutions, offering solutions for consumer and small business deposits and lending needs.
Keep reading to explore the intricacies of Amount's fundraising journey and the investors supporting this innovative platform.
What Is Amount?
Amount, founded in 2019 by Al Goldstein, is a digital technology company based in Chicago, Illinois. The company operates in the banking, finance, financial services, and FinTech industries, employing between 101 and 250 people.
Amount offers a unified, AI-powered platform designed to modernize banking by integrating loans, deposits, and other services. The platform aims to enhance user experience, risk management, and operational efficiency for financial institutions of all sizes.
How Much Funding Has Amount Raised?
- Venture Round
- Amount Raised: $58M
- Date: March 2020
- Lead Investors: QED Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance digital lending and deposit account services for financial institutions.
- Series C
- Amount Raised: $86M
- Date: December 2020
- Lead Investors: GS Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To optimize performance across product categories and enhance digital origination solutions.
- Series D
- Amount Raised: $99M
- Date: May 2021
- Lead Investors: WestCap
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate digital transformation services for financial institutions.
- Venture Round
- Amount Raised: $40M
- Date: May 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further invest in technology and expand digital services.
- Venture Round
- Amount Raised: $30M
- Date: August 2024
- Lead Investors: Curql
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in technology and accelerate progress in the credit union sector.
Total Amount Raised: $313M. Current Valuation: Not publicly disclosed.
Key Investors
- QED Investors
- Details: QED Investors is a leading venture capital firm focused on investing in early-stage, disruptive financial services companies. Founded by Nigel Morris and Frank Rotman, the firm has a strong track record in the fintech sector.
- Investment Focus Areas: Fintech, financial services, technology.
- Notable Investments: Credit Karma, SoFi, Avant.
- WestCap
- Details: WestCap is a growth equity firm that partners with visionary leaders to build generational companies. The firm is led by Laurence Tosi, former CFO of Airbnb and Blackstone.
- Investment Focus Areas: Technology, financial services, real estate.
- Notable Investments: Airbnb, iCapital Network, Hopper.
- Curql
- Details: Curql is a collective of credit unions investing in fintech to revolutionize how members engage with financial services. It operates through funds like Curql Fund I and Curql Accelerate.
- Investment Focus Areas: Fintech, credit unions, digital transformation.
- Notable Investments: Amount.
- GS Growth
- Details: GS Growth is the growth equity arm of Goldman Sachs, focusing on high-potential companies. The division leverages Goldman Sachs' extensive network and resources.
- Investment Focus Areas: Technology, financial services, healthcare.
- Notable Investments: Amount, Uber, Spotify.
- Hanaco Ventures
- Details: Hanaco Ventures is a venture capital firm that invests in innovative companies across various sectors. The firm is known for its hands-on approach and global reach.
- Investment Focus Areas: Technology, consumer, enterprise software.
- Notable Investments: Moovit, Via, Yotpo.
What's Next for Amount?
Amount is poised to capitalize on the burgeoning U.S. credit union market, leveraging its recent $30 million funding to enhance AI and machine learning capabilities. This expansion presents a significant opportunity, given the thousands of credit unions and the $3.1 trillion in assets managed by financial institutions.
Future fundraising efforts are likely as Amount continues to innovate and expand its market presence. The company may attract more strategic investors, further bolstering its technological advancements and partnerships with major financial institutions.
However, challenges such as competition from other fintech firms and regulatory compliance could pose hurdles. Maintaining technological innovation will be crucial for Amount to stay ahead in the rapidly evolving financial sector.
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