Amount is a point-of-sale financing company that has raised a total of $99 million in funding. It has partnered with Barclays US to offer point-of-sale financing solutions.
Barclays US partnered with Amount to offer point-of-sale financing solutions
The UK-based consumer bank Barclays US has partnered with Chicago-based fintech Amount to launch point-of-sale financing solutions. This new offering will feature POS payments under the merchant’s brand, allowing traders to build stronger bonds with their clients and deepen their relationship with customers.
Barclays is one of the first providers to offer a variety of point-of-sale installment options, and will be using Amount’s digital financial services platform to power this new offering. In addition, the bank will develop a white-label POS installment loan tool that will complement its existing private-label credit cards.
According to Barclays, the booming e-commerce market has helped fuel a 200 percent increase in purchase now, pay later (BNPL) growth. This has come about as more consumers opt for flexible payment options.
As the number of shoppers who adopt BNPL increases, banks need to position themselves to compete against the new players in the market. With the emergence of digital disruption, FIs will need to adopt an agile strategy to stay ahead of the competition.
Amount’s digital financial services platform includes features like fraud prevention and account management. It also provides decisioning engines and analytics capabilities. These tools will help institutions to deliver secure digital experiences to their customers. Currently, Amount’s partners include major banks like HSBC and Regions Financial, as well as financial institutions managing nearly $2 trillion in assets in the United States.
Amount raised $99 million as part of its Series D funding round
Amount is an enterprise software provider for the financial sector. Its mission is to help traditional banking institutions transform into digital organizations. They offer products including account management, fraud prevention, verification, and decisioning engines. These services enable banks to provide a more dynamic, customer-centric digital experience.
One of the company’s latest offerings is a suite of point-of-sale financing solutions. Barclays US Consumer Bank recently launched this offering, which includes white-label POS payment options. The product also offers support for loans and deposits.
Another one of Amount’s new offerings is a retail banking suite newmags. This allows consumers to open accounts and conduct transactions in minutes. Besides lending, the suite also supports credit cards. In addition, the company provides an analytics platform, which helps bankers understand the usage and effectiveness of their technology.
Amount has been around for over a decade. Its technology has increased in demand in recent years. However, the company’s mission is to help traditional financial institutions achieve the digital transformation they desire in the shortest amount of time businesslognews.
Amount was originally spun out of Avant. Today, its clients manage nearly $2 trillion in U.S. assets, and service more than 50 million customers.
Amount also uses the new capital to accelerate its research and development efforts. To that end, it recently announced the launch of a new CFO, Eric Daniels.
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