Amount is a digital technology company that has recently made the news with its rise in status, thanks to a load of venture capital investors backing its plays. The enterprise is on its way to becoming one of the elites in the tech industry. If you're not yet familiar with this impressive FinTech startup, here are 20 things you didn't know about Amount
1. Amount is a FinTech that serves the financial industry
According to Techcrunch, Amount is a technology company that specializes in providing software solutions for financial institutions and banks. The enterprise has a simple mission, and that is to help transform the financial institutions from old school systems to digital within months. The products and services provided by Amount promise a rapid conversion.
2. Amount is good for the banking industry
There are still many banks and other financial institutions that are stuck in the stone ages when compared to the new digital institutions. Their processes are outdated and lag behind the times. Financial services they provide take longer and often require lengthy meetings on the premises, completing reams of paperwork. Digital processes are streamlined versions of the same services that are generally completed online without the need for in-person meetings. The services are also rendered much faster for convenience's sake. By helping these entities transition quickly to a new digital platform, Amount is helping them to remain more competitive with the newer financial companies that offer digital services.
3. Amount's services are in-demand
Amount timed its launch at the right moment in time. The company became operational just before the onset of the Covid-19 pandemic. The massive shutdowns showed more traditional financial institutions and banks the necessity of moving to a digital platform. It created a huge demand for the precise services and products that Amount offers. The demand for Amount's technology aw an exponential increase over the past two years.
4. Amount is a spinoff of Avant
Amount started as the technical arm of a company called Avant. It was the division that developed and built software for the banking industry. The company spun off on its own and now seeks to bring rapid digitalization to the financial infrastructure as a whole.
5. Amount offers safety and customer satisfaction
One of the guarantees that Amount makes to its clients is to ensure that there is a smooth and speedy transition to the digital platform. It also promises to deliver a secure digital customer experience that uses verification and analytics, complements of the Amount software suite, along a seamless experience for both merchants and customers. It specializes in accelerated transformations to digitals with the least amount of hassle during the transition period.
6. Amount is disrupting the disruption
In a move that is set to help traditional banks and financial institutions, Amount is helping to turn the tide in their favor. The rise of digital institutions left traditional financial companies in a miserable situation where they still relied on old antiquated methods for completing daily business. The cumbersome, time-consuming, and often frustrating processes were no longer satisfactory to customers when there were faster and easier options available. The pandemic gave these dinosaurs the shove into a reality that was needed. The newer digital FinTechs were taking more of the market share and customers were leaving their old banking systems in favor of digital convenience. The digital FinTechs created a disruption that cost the traditional banks a great deal of business, but Amount is disrupting the disruption to help level the playing field in favor of the financial institutions that are willing to make the changes needed.
7. Amount has earned the confidence of some of the largest banks
We learned that traditional financial institutions are starting to come around to the fact that they must change or become obsolete. With Amount on the scene, making the transition to a digital platform for financial services is much faster and easier than going it alone. Some of the larger clients that Amount has served so far include Barclays US Consumer Bank, which was one of the first big banks, along with Regions, Avant, Banco Popular, TD Banke, HSBC, and others. All of these institutions are using Amount's technology currently.
8. Amount is planning to add more services
The CEO of Amount confirmed that the recent funding that Amount has received has provided the enterprise with the means to unlock new opportunities for acquisition to obtain more and different technologies that will be added to the existing platform. They're already looking at ways to add new features into the current products, which is good news for Amount's clients
9. Amount is a leader in empowering change
While it's clear that Amount is making a profit on the services that it provides, there is a bit more to the mission than that. This is a company that helps to effect positive change for the financial world. Institutions that would eventually go by the wayside in favor of more modern systems now have a chance to catch up with the times and jump back into the competition. Amount has a quick turnaround system that empowers these older banks in making positive changes for modernization. In the years to come, traditional banks that have made the transition will still be in business and serving loyal customers.
10. Amount is a late-stage venture capital-backed company
According to Crunchbase, Amount recently completed a round of Series D venture capital funding. The round raised an additional $99 million, closing on May 17, 2021. This was the latest in a series of three funding rounds that have raised a total of $243 million. The first funding round was a Series B that closed on March 17, 2020, raising $58 million. The second was a round of Series C funding raising $86 million, closing on December 2, 2020.
11. Investor confidence is high in Amount
Amount has secured financial backing from 3 lead investors and 6 other investors joining the effort. Confidence is high that investments in Amount will result in a good return on the investments over time. Some of the more notable investors in the Amount FinTech startup are Goldman Sachs, Invus, Hanaco Venture Capital, WestCap, Barclays, August Capital, and GS Growth. Together, these investors have contributed $243 million in funding for the growth and expansion of Amount.
12. Amount is led by a team of 8 executive leaders
Although the executive leadership team at Amount is small, it is comprised of a dynamic group of professionals who exhibit a proven track record of success. Adm Hughes is the chief executive officer standing at the helm of Amount. He is joined by the chief product officer Charles Whittaker. Robert Reynolds serves as the chief technology officer. The chief revenue officer is Kevin Lewis. Shyama Rose is the chief information security officer. The chief people officer and head of communications is Chris Armsey. Tim Clark is the head of finance and Al Goldstein is the executive chairman and founder of Amount.
13. The Board of Amount only has one member
Most companies the size of Amount have a board of directors or a group of advisors that help by providing advisement for strategic planning of the company. Generally, advisors from investors sit on the board. So far, Amount has only one advisor and board member, but the company is still in its infancy stage of development. Jade Mandel joined the board on December 2, 2020. She is the vice president of growth equity at Goldman Sachs. Jade currently serves on two advisory boards including Amount. It is expected that as Amount continues to grow and expand its reach, more members will be added to the advisory board.
14. Amount uses a complex array of technology
The website Amount.com runs smoothly for end-users, but there is a complicated combination of technology products powering the site. A total of 36 technologies are active to keep things running smoothly and seamlessly. Viewport Meta, iPhone Mobile Compatible, and SPF are just a few of the products it requires. The overhead costs for maintaining these technologies are quite expensive and runs into the tens of thousands of dollars annually.
15. Amount's website is showing signs of big growth
The statistics that are maintained to monitor the traffic to the Amount.com website show that it is growing at a significant monthly rate. As of the end of April 2020, the average number of monthly visits is 42,810. Amount is showing a positive growth rate of 20.01 percent, which is impressive and confirms that there is a growing interest in the products and services that the company offers.
16. Amount has a high global ranking for its website
The high number of monthly visitors to Amount.com, along with its current high growth rate has placed the website as number 510,042 among all global websites registered. While this may seem like a low number, it's high, given the massive number of companies registered on the web.
17. Amount is the most popular in the United States
An analysis of the web traffic for Amount.com shows that the site is the most popular with visitors from the United States. Eighty-nine percent of the visitors are from this country, which shows a monthly visit growth of 7.22 percent. The next highest numbers come from visitors originating from the country of China, with nine percent of web visits from there. Only one percent of all Amount.com visitors come from the country of India with an additional one percent from Singapore. Amount is an American company that is still fairly new, so some are still learning about its purpose and potential. Many in the finance industry are just beginning to learn about the products and services Amount has to offer them.
18. Amount is still a new tech startup
If you had not yet heard about Amount, don't feel bad, or that you've been uninformed. The company hasn't been around for that long. Al Goldstein launched the operation in 2019. The business is less than two years old. It is still in its infancy stages of development. When all is considered, Amount has come a long way in a short time, securing hundreds of millions in venture capital funding, and growing and expanding its operations. There is still a lot that needs to be done, but the company is making satisfactory progress and its investors seem happy to jump on board with regular funding rounds.
19. You won't find Amount shares on the stock exchange
Amount is a privately held, venture capital-backed company. Our research has found no indication of plans to file for an initial public offering. Amount is growing and prospering with the current fundraising strategy it employs. Investor confidence is high. At this point in its development, there is no need or benefit to going public with the company. You won't find shares of this company listed on any of the world's stock exchanges, at least not yet, but who knows what the future may hold for Amount?
20. Amount is tearing up for expansion
According to LinkedIn, Amount currently has a workforce of 375 employees. With talk of future growth from the CEO, we were curious to know how soon the enterprise plans to begin its expansion. We noticed that there are currently 47 job openings at Amount. This is a good sign that the company is getting ready to make another growth spurt and expand its operation. All of the listed positions are for jobs in the Greater Chicago, Illinois area. When all of the positions are filled this will take Amount's workforce numbers up well past four hundred. The dozens of new job listings are evidence that Amount is making good on its promise to grow the business even larger, thanks to the recent fundraising efforts that have made this type of growth possible.
Written by Allen Lee
Read more posts by Allen Lee