FIS said Wednesday that it has completed its acquisition of Chicago-based fintech Amount, in a deal aimed at strengthening its position in digital account origination and simplifying banking processes for financial institutions.
FIS Acquires Amount to Boost Digital Banking Capabilities
Amount, which has processed more than 150 million new account applications, provides cloud-native, AI-enabled solutions that streamline digital account opening across lending, cards and deposits for banks, lenders and credit unions.
The integration of its technology into FIS’ systems is expected to expand opportunities for both consumer and small business customers.
Stephanie Ferris, chief executive of FIS, said: “After years of successful partnership, we are thrilled to welcome Amount’s talented team and innovative capabilities to FIS. Our strategy and investments have positioned FIS to lead the next generation of banking solutions, enabling financial institutions to thrive in today’s digital-first world with confidence, innovation and reliability.”
Adam Hughes, chief executive of Amount, described the move as “an exciting new chapter,” noting that FIS’ scale, infrastructure and regulatory expertise would help accelerate digital transformation and strengthen its market position.
The acquisition is said to fit within FIS’ broader strategy of delivering innovative solutions across what it terms the “money lifecycle,” from deposits “at rest” to credit card issuance and payments “in motion” and tools that improve lending efficiency “at work.”
According to Stewart Watterson, strategic adviser at Datos Insights, the deal positions FIS as a leader in digital account origination: “By unifying digital origination and decisioning, FIS empowers financial institutions to accelerate growth, reduce friction and deliver great customer experiences.”
