CHICAGO—Amount, a fintech that says it re-engineers consumer, small business and embedded finance solutions to make banking simpler, safer and more convenient, is reporting it has raised $30 million to expand into the credit union sector.
Curql, the collective of credit unions that acts as a venture capital investment firm, is among those that was part of the capital raise.
‘Unique Opportunity’
“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,” CEO Adam Hughes said in a statement. “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.”
The company said the investment aligns with its goal of further expansion into the U.S. credit union space, and that it plans to use the new funding to enhance its artificial intelligence and machine learning capabilities.
Partnership With Velera
Amount has been in a partnership with what is now Velera for several years, and earlier this year launched a digital lending suite known as Origination Solutions.