Fintech startup Amount lands $30M in funding to power digital lending for banks and credit unions

Amount, a fintech startup that provides technology to credit unions, banks, and financial institutions, has secured $30 million in equity funding to bolster its technology and push further into the credit union sector.

The round was backed by Curql, a strategic investor group made up of credit unions investing collectively in fintech. Existing investors including Growth Investing at Goldman Sachs, WestCap, Hanaco Ventures, and QED Investors also joined in.

Amount plans to use fund proceeds to enhance its technology and advance its efforts within the credit union space, building on its established success in streamlining operations for financial institutions.

Additionally, the company aims to upgrade its AI and machine learning capabilities. This investment from Curql aligns with Amount’s strategy to expand within the U.S. credit union market.

Founded in 2020 by CEO Adam Hughes, the Chicago-based Amount is a digital platform that powers fast-paced consumer and SMB origination for financial institutions. Essentially, it helps banks stay competitive against fintech companies.

Built by lending industry experts, Amount enables banks and credit unions to boost profitability with an integrated, flexible platform. This platform is built on enterprise-level infrastructure and compliance, allowing financial institutions to roll out new offerings quickly.

Since its inception four years ago, Amount has established partnerships with banks like Fifth Third Bank and major card networks such as Mastercard. In 2022, it partnered with Velera, the largest credit union service organization in the U.S., to provide digital credit card origination solutions. Earlier this year, this partnership was further strengthened with the launch of Velera’s new digital lending suite, Origination Solutions.

Adam Hughes, CEO of Amount, emphasized the company’s recognition of the unique opportunities credit unions have to enhance their services through digital channels. He noted that this funding round positions Amount to bring significant value to thousands of credit unions, deepening their connections with members.

“Amount has long recognized the unique opportunity credit unions have to better serve their members via digital channels for efficient origination of credit products and deposit accounts,” said Adam Hughes, CEO of Amount. “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.”

With Amount, banks and credit unions can optimize performance across product categories and tap into services such as customer acquisition, performance assessments, and risk analytics.

Amount’s clients manage over $3.1 trillion in U.S. assets and serve more than 50 million U.S. customers. The company currently has between 201 and 500 employees.

Nick Evens, CEO of Curql, expressed his support for fintech companies that can enhance the credit union member experience. He highlighted Amount’s digital lending and deposit accounts platform as a significant step forward in making lending more efficient and accessible for credit unions.

“Amount has become one of the leaders in digital origination and decisioning software for banks,” said Kevin Marcus, Partner, Co-COO and Head of Strategic Operators at WestCap. “We’re proud to continue supporting Amount as they empower credit unions and other financial institutions to provide superior digital services to their members.”

Credit: Amount