Avant Spins Out SaaS Business Amount
Separation will accelerate continued growth and success for both companies
Avant, an industry-leading digital consumer lending platform, announced the completion of its planned spin-off of Amount, a best-in-class SaaS technology business enabling financial institutions to digitize their product offering. The spin-off empowers both companies to effectively maximize capital and shareholder value, while creating enhanced focus on two missions and brands.
Since 2012, the Avant platform has connected nearly one million customers to over $6.5 billion in funds and counting. Avant developed Amount as a new solution for banks who wanted to significantly enhance their digital capabilities. As a leading-edge technology company, Amount has grown rapidly, collaborating with banking partners that collectively manage close to $1T in US assets and are servicing more than 25 million customers.
In connection with the transaction, Al Goldstein, who co-founded Avant with John Sun and Paul Zhang, and has successfully led it for the past seven years, transitioned to Executive Chairman of both companies. Adam Hughes, formerly President of Amount, became the CEO of Amount, and James Paris, formerly President of Avant, became the CEO of Avant.
Hughes has a strong background in technology, a track record of successful organizational leadership, and experience launching and scaling digital banking products, skillsets that will position Amount for continued long-term growth. Paris has over 20 years of exceptional and well-rounded experience in capital markets, finance, consumer lending, strategy, and investor relations, that will uniquely position Avant to continue to grow quickly and profitably.
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“Both Amount and Avant are leaders in the financial technology space,” said Adam Hughes, CEO of Amount. “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.”
Online lending platform Avant will continue its mission of providing access to responsible financial products to consumers, whereas Amount will focus on further innovating technology solutions for banks and FinTechs to leverage and improve their digital offerings and experiences.
“The separation of the two businesses comes at a time where each company is well positioned to successfully scale as a standalone enterprise,” said James Paris, CEO of Avant. “The change positions both companies to compete effectively in the always evolving FinTech arena.”