By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Private Banks RankingPrivate Banks Ranking
Notification Show More
Latest News
China Renaissance shares plunge after it says founder Bao Fan is missing
Singapore’s banking authority MAS says DBS outage was ‘unacceptable’
Finance
Tesla expects reduced tax credit for Model 3 by March-end
Business
UBS rehires Ermotti as CEO to guide Credit Suisse tie-up
UBS rehires Ermotti as CEO to guide Credit Suisse tie-up
Banking
Higher BTR Rents Tend to Correlate With Greater Resident Satisfaction
Best Savings Bonds of 2023
Investing
Aa
  • Finance
  • Business
  • Banking
  • Investing
  • ETFs
  • Mutual Fund
  • Personal Finance
  • 2022 RANKING
Reading: Banking technology provider Amount cuts 25% of staff
Share
Private Banks RankingPrivate Banks Ranking
Aa
  • Finance
  • Business
  • Banking
  • Investing
  • ETFs
  • Mutual Fund
  • Personal Finance
  • 2022 RANKING
Search
  • Finance
  • Business
  • Banking
  • Investing
  • ETFs
  • Mutual Fund
  • Personal Finance
  • 2022 RANKING
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Private Banks Ranking > Blog > Banking > Banking technology provider Amount cuts 25% of staff
Banking

Banking technology provider Amount cuts 25% of staff

By Private Banks Ranking 3 weeks ago
Share
2 Min Read
BM Technologies to cut 25% of staff
SHARE

Dive Brief:

Dive Insight:

Amount, which was valued at $1 billion in 2021, has felt the strain of the current macroeconomic and capital markets environment, Amount CEO Adam Hughes said in a statement to Banking Dive.

Contents
Dive Brief:Dive Insight:

“January was the right time to adjust our cost structure, accelerate to profitability, and drive innovation on our unified consumer and [small business] lending technology platform,” he said. “With ample capital on our balance sheet and supportive investors, we remain well capitalized to continue investing toward being the market leading loan and account origination platform for modern times.”

Amount’s technology helps financial institutions offer personal loans and credit cards as well as facilitate buy-now-pay-later financing. The fintech, whose bank partners include TD and Barclays, has about 24 direct partnerships with banks and payments companies, Hughes told Payments Dive in May.

The firm claims its clients collectively manage more than $3 trillion in U.S. assets.

Over the past year, the firm has made progress toward developing a technology platform that helps financial institutions offer consumer and small business lending, Hughes said.

In February 2022, Amount bought Reston, Virginia-based Linear, a small and midsize business loan and account origination platform, for $175 million in cash and stock.

It took on Linear’s 190 employees and renamed that arm of the operation Amount Small Business, Payments Dive reported.

Source link

See also  Greenlight’s new B2B offering brings kid-focused banking to traditional firms

You Might Also Like

Singapore’s banking authority MAS says DBS outage was ‘unacceptable’

UBS rehires Ermotti as CEO to guide Credit Suisse tie-up

Sergio Ermotti returns as UBS CEO to steer Credit Suisse takeover

FDIC faces $23 billion in costs from bank failures. It wants big banks to pay

Credit Suisse has violated U.S. tax evasion deal, Senate Committee finds

TAGGED: Amount, banking, cuts, provider, staff, Technology
Share this Article
Facebook Twitter Email Print
Share
Previous Article The Metros Where Tech Most Pays Off for CRE
Next Article HSBC China says it’s unaware of remittance curbs after Mobius’ claims
Leave a comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

Private Banks RankingPrivate Banks Ranking
Follow US

© 2022 Private Banks Ranking- 52-54 Lime Street, EC3, London. All Rights Reserved.

  • Blog
  • Contact
  • Privacy Policy
  • Terms & Conditions
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?