US fintech giant FIS continues to build out its banking solutions business with the acquisition of Amount, a Chicago-based provider of digital account origination and decisioning technology. The financial terms of the transaction have not been disclosed.
Amount was spun out from online lender Avant in January 2020 and provides digital account opening software to financial institutions serving consumers and small businesses across lending, cards, and deposits.
The company, led by CEO Adam Hughes, has processed more than 150 million new account applications to date, and previously raised $81 million in a Series C funding round led by Goldman Sachs Growth in 2020.
Goldman Sachs later joined Hanaco Ventures, Invus Opportunities, Barclays Principal Investments, and growth equity firm WestCap the following year in a $99 million funding round for Amount, valuing the fintech at over $1 billion.
More recent developments include Amount’s acquisition of Linear Financial Technologies for $175 million in 2022, building out its small business banking capabilities, as well as a $30 million growth equity round in August last year.
Stephanie Ferris, CEO and president of FIS, says Amount’s team and technology will be integrated into FIS digital, core banking, and card systems, and as a result will “help FIS clients grow deposits, loans, and card portfolios efficiently and securely”.
The move follows several other recent transactions by FIS. Earlier this year, the company sold its remaining 55% stake in Worldpay to Global Payments and purchased Global Payments’ Issuer Solutions business for $13.5 billion.
Source: https://www.fintechfutures.com/
