Technology startup Amount has closed a Series D funding round of $1 million at a $1 billion valuation, giving it unicorn status, the company said in a press release on Tuesday (May 18).
The funding was co-led by WestCap and Hanaco Ventures. WestCap is a growth equity firm founded by Laurence Tosi, the former CFO of Airbnb, CFO of Blackstone and COO of Merrill Lynch. Hanaco Ventures is an existing investor that participated in Amount’s Series B and C capital raises.
Amount has raised $243 million since becoming an independent company in January 2020, further solidifying investor recognition of the market opportunity associated with the ongoing digital transformation. Last February, the company was spun off from the consumer lending platform Avant, which launched Amount to help legacy banks expand digital capabilities.
“Amount is uniquely poised as the market’s first and only battle-tested SaaS solution built specifically for the financial services industry,” said Chris Hamilton, chief risk officer and head of operations. “Unlike other FinTech players in the market, we partner with the leading financial institutions to enable them to compete and win in a highly competitive market. We believe banks have the balance sheet, broad product suite and customer network to compete and win in the market now and into the future.” Banks teaming up with Amount can launch retail lending products like buy now, pay later (BNPL) in just a few months, he added.
This latest capital infusion follows two funding rounds last year. The new funds will be earmarked to expand the company’s workforce in the areas of product, technology and sales. Amount is also eyeing acquisitions that could speed up the rollout of state-of-the-art products and features.
Barclays teamed up with Amount in April, making the mainstream financial institution among the first consumer banks to leverage point-of-sale (POS) installment financing options. Its solution enables merchants to extend POS installment options to customers under their branding instead of under the BNPL firm.