U.S.-based Avant announced on Tuesday it has rebranded its fintech SaaS business Unit to be Amount. According to Avant, Amount utilizes the technology, intellectual property, and capabilities developed by Avant to provide custom technology solutions for financial institutions.
Avant reported that several financial institutions, such as Regions Bank and Eloan, currently use the Amount platform to provide customers with digital lending products. Amount plans to announce additional partnerships over the next few months. While sharing more details about the platform, Al Goldstein, CEO of Avant, stated:
“There is a void in the marketplace when it comes to online lending solutions for large banks, and our experience designing and delivering industry-leading digital lending products makes us well-positioned to help fill that void. With the growth trajectory and distinct business model from Avant’s consumer lending platform, we knew it was time to create Amount to help banks better meet the online lending needs of their customers.”
James Paris, Chief Strategy Officer of Avant and Head of Amount also revealed that with Amount, banks now have access to a digital lending platform that’s already been refined based on our risk models, data and experience and is customizable to meet the specific needs of their customers. Paris then added:
“Financial institutions must have a mobile-first, online lending platform to do business with today’s tech-savvy consumers, but most of the large banks we meet with are unable to find a satisfactory end-to-end solution and may not have the time or resources to efficiently create the technology in-house.”