Chicago-based Amount joined the growing list of fintech unicorns following a nearly $100m funding round.
The fintech start-up closed a Series D capital raise after securing nearly $100m of additional primary equity capital from growth equity firm WestCap.
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The fund raise increased Amount’s post-money valuation to more than $1bn.
Notably, Amount was valued around $686m five months ago when it raised $86m in a Series C round.
Overall, the company secured a total of $243m in funding after becoming an independent company in January last year.
The fintech focuses on providing technology to financial institutions to expedite digital transformation.
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By GlobalDataAmount plans to use the new proceeds to further fuel its growth and enable banks to compete with fintech rivals.
A portion of the funding will also be used to support hiring in the company’s product, technology and sales groups.
Additionally, the company is open to explore accretive merger and acquisition opportunities to add new products and features to the Amount platform.
Amount CEO Adam Hughes said: “The additional capital clearly demonstrates the value our investors see in Amount’s ability to accelerate digital transformation in the banking and ecommerce industries through our robust retail banking suite and buy now, pay later platforms.
“We’re thrilled with the confidence that blue chip investors continue to have in our momentum and are excited to join the other Chicago tech unicorns who are helping make our city a hub for technological innovation and progress.”
WestCap partner Kevin Marcus said: “We specifically chose Amount because it’s a market leader with tremendous industry experience and a phenomenal leadership team.
“We believe that Amount has the right framework in place to help banks modernize and update their infrastructure, which will democratize access to financial products, helping make them more understandable and available to consumers nationwide.”
Last month, Barclays US Consumer Bank entered into a partnership with Amount.
