Amount Raises $100M and Achieves Unicorn Status

Last week, Amount announced that it had raised $100M in Series D funding, which led to the company joining the rarefied ranks of the so-called “unicorns,” start-ups valued at $1 billion or more. Amount’s app allows students to pay for meals at the university, and to order and pay for food in other places, as well, such as restaurants and convenience stores. The company’s most recent valuation makes it one of the rarest of unicorns: a black, or male, unicorn,” which is a tech company founded by black people.

TextWrangler, a small Mac application for hardcore bloggers, developers, and journalists who want to do more than just write and edit their text, has raised an impressive $100M in funding. Of the $100M, $80M came from pre-existing investors and $20M from a group that includes founder Brad Brooks’ former employer, Apple. The round—which values TextWrangler at $1B—makes it the first Mac software company to reach the lofty financial status of “unicorn,” a term reserved for privately held startups with valuations over $1B.

Amount, a Detroit-based software startup that automates the expense management process, has raised $100 million in a funding round led by SoftBank. The round also included participation from other investors including existing investors Battery Ventures, Detroit Venture Partners, Rethink Holdings, GGV, and others. The funding round brings the company’s total amount raised to $124 million, which means that Amount is now valued at $1 billion and has achieved “unicorn” status.

word-image-2869 Financial technology company Amount announced today that they have secured $100 million in Series D funding. With this news, the evaluation of the company has doubled since their previous round of funding just six months ago. With today’s announcement, Amount reached unicorn status, hitting a billion-dollar evaluation in only 16 months. WestCap, Hanaco Ventures, Goldman Sachs, Invus Opportunities and Barclays Principal Investments were the major backers of this round of funding. Since being spun off from the online lending company Avant in January 2020, the company has already raised $243 million in funding.

Helping Traditional Banks Stay Competitive

Amount’s business model revolves around helping companies in the traditional banking sector upgrade its digital product offerings and compete with the newer generation of fintechs. In a world where customers are looking for simple online banking solutions rather than a trip into a bank branch, the solutions developed by Amount are vital to traditional banks looking to stay competitive. The company’s clients include Banco Popular, HSBC, Regions Bank and TD Bank. Together, the banks that have partnered with Amount service 50 million customers and manage $2 trillion in assets.  The goal is to help these financial institutions transition towards digitalization using enterprise software developed specifically for the banking industry. Rather than spending years developing their own platform, banks can work with Amount to customize a digital solution to meet their requirements. With the rapid speed that neo banks are growing, Amount is offering traditional banks help to go digital in months rather than in years.  The Chicago-based company employs 400 and has become a major part of the infrastructure for a growing number of banks. As more customers opt to make purchases online, having a retail banking channel that is secure, integrated, and easy to use is an important part of the customer experience. The company has stated that the money raised will go towards the expansion of their technology and product teams as well as potentially pursue merger and acquisition opportunities.

Beyond Digitalization of Retail Banking

Alongside the digitalization of the retail banking experience, which has been sped up by the COVID-19 pandemic, Amount is also offering banks solutions that allow them to compete in the buy now, pay later (BNPL) sector. With increasing trends towards e-commerce, the financing of purchases has become a major area of growth for both traditional and newer financial institutions. Data shows that the BNPL sector has seen a 200% growth over the course of the pandemic. In late April of this year, Barclays US became the first major bank to offer point-of-sale financing installment options. Barclays chose to partner with Amount in this endeavour, citing features such as “fraud prevention, verification and account management” as reasons for choosing Amount. The ultimate goal of Amount’s BNPL offering is to create loyalty and add value beyond just being a transactional channel.As a “unicorn” valued at more than $1 billion, the Atlanta-based company said it was proud of its achievement and the achievement of the entire team. “This is a big milestone for our company, and one that has only been made possible by all of our devoted customers,” the co-founder and CEO told reporters. By the way, this is not just a one-time thing. In fact, it happens about 20 times a day. And this is not limited to one industry. The same thing happens in many industries: Financial news: Fashion & Lifestyle: Technology: And so on. What’s more, it’s not just. Read more about substack series b and let us know what you think.

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