Amount raises $99m Series D to reach unicorn status
US digital banking provider Amount has raised $99 million in a Series D round, pushing the firm’s valuation into unicorn territory.
The new funding comes just five months after it raised $86 million in a Series C from Goldman Sachs Growth. Three months prior to that it nabbed $58 million in a March 2020 Series B.
Leading the investing this time around is WestCap, a growth equity firm founded by former Blackstone CFO Laurence Tosi.
Joining WestCap are Hanaco Ventures, Goldman Sachs, Invus Opportunities and Barclays Principal Investments.
Amount has now raised $243 million in total since it broke away from online lender Avant in January 2020.
The firm provides “an omnichannel retail banking experience” and a “robust point-of-sale financing product suite”.
Its retail banking services are utilised by a list of financial institutions. These include including HSBC, TD Bank, Banco Poplar and Barclays’ US retail bank.
Amount CEO, Adam Hughes, tells TechCrunch banks are facing “significant disruption risk from fintech competitors”.
He adds that his firm sees “a lot of interesting technology” it could invest in to apply over its existing platform. This, he adds, could allow it to “unlock new asset classes”.