Credit unions have long faced challenges in deploying digital lending capabilities that match the efficiency and accessibility of larger banks. Amount, a longtime trusted partner to some of the largest banks in the U.S., is now poised to assist credit unions in modernizing their lending products. With a fresh $30 million in equity funding, Amount is set to expand its digital origination and decisioning platform, specifically targeting credit unions seeking to enhance lending and better serve their members.
By leveraging Amount's technology, credit unions can simplify their consumer and SMB digital lending processes, making it easier for members to open deposit accounts and secure loans. Our platform integrates seamlessly with a financial institution’s existing banking architecture, offering a modern solution for organizations of all sizes to rapidly innovate and bring new products to market more quickly. This is crucial as more consumers expect seamless digital experiences from their financial institutions. With Amount's help, credit unions can close the gap and remain competitive in a fast-evolving market.
One of the key factors in Amount's expanded push into the credit union sector is a strategic investment from Curql, a collective of credit unions dedicated to fintech innovation. Curql’s involvement is more than just financial; it's a strong endorsement of Amount's vision for transforming how credit unions operate.
Nick Evens, CEO of Curql, emphasized that this partnership is about driving relevance and competitiveness for credit unions. With Curql's backing, Amount is in a prime position to make a significant impact on the credit union market, helping these institutions enhance their digital lending capabilities.
Amount's successful track record with larger banks and its established partnership with Velera (formerly PSCU) are also critical to its expansion plans. The company's partnership with Velera has already led to the launch of digital lending solutions tailored for credit unions. These solutions are designed to streamline the loan origination process, making it more efficient and user-friendly for credit union members.
In addition to expanding its presence in the credit union market, Amount plans to use the new funding to enhance its artificial intelligence and machine learning capabilities. These technologies will play a crucial role in refining the decisioning process for loan approvals, ensuring both credit unions and banks can offer faster and more accurate services to their members or customers.
In the coming months, credit unions should keep a close eye on the developments at Amount. With Curql’s investment and a clear strategy for growth, Amount is set to become a key partner in the digital transformation of the credit union industry. We’re excited about the future and assisting credit unions with their mission of providing exquisite service to their members, while equipping them with the tools they need to thrive in an increasingly competitive environment.