Digital consumer lending platform Avant announced on Wednesday the completion of its planned spin-off of Amount, which is described as a SaaS technology business that enables financial institutions to digitize their product offering. Avant reported that the spin-off “empowers” both companies to effectively maximize capital and shareholder value while creating an enhanced focus on two missions and brands.
While sharing more details about the spin-off, Adam Hughes, CEO of Amount, stated:
“Both Amount and Avant are leaders in the financial technology space. For the last few years both business units have benefited from operating as one company; however, we have now reached the maturity point where separation offers optimized execution around unique core strategies, brand investment opportunities, and growth initiatives. We look forward to continuing our relationship with the Avant team and supporting their growth.”
Avant also reported that it will continue its mission of providing access to responsible financial products to consumers, while Amount will focus on further innovating technology solutions for banks and FinTechs to leverage and improve their digital offerings and experiences. James Paris, CEO of Avant, went on to add:
“The separation of the two businesses comes at a time where each company is well positioned to successfully scale as a standalone enterprise. The change positions both companies to compete effectively in the always evolving FinTech arena.”