Avant, a high growth financial technology company focused on lowering the barriers and costs of borrowing, today announced Amount, the company’s bank partnership platform.
Amount marks the evolution of the Powered by Avant business unit and utilizes the technology, intellectual property and capabilities developed by Avant to provide custom technology solutions for financial institutions.
“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,” said Al Goldstein, CEO of Avant. “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.”
Initially created as a scalable digital personal loan product for banks to better serve new and existing customers, the expanded Amount platform allows for customized configurations and offers end-to-end lending products, individual tools such as fraud prevention and account verification, decisioning engines and white label servicing to enhance its partners’ existing digital products. Amount also provides partners with consultative analytical services to enhance performance including risk assessment and modeling, underwriting, digital performance marketing and customer acquisition.
Several financial institutions, including Regions Bank and Eloan, Banco Popular’s national lending platform, already use the Amount platform to provide customers with digital lending products. Amount plans to announce additional partnerships over the next few months.
“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,” said James Paris, chief strategy officer of Avant and head of Amount. “With Amount, banks now have access to an industry-leading 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.”