Avant, a Chicago-based consumer lending platform, has completed its spinoff from Amount, a SaaS business that helps financial institutions transform their business to digital.
The split will help both companies maximize capital and shareholder value, according to a press release put out by both companies.
Al Goldstein, a co-founder of Avant, was named executive chairman of both companies, while Adam Hughes, former president of amount, was named CEO. James Paris, former president of Avant, was named CEO of Avant.
“Both Amount and Avant are leaders in the financial technology space,” Hughes said in the release. “For the last few years both business units have benefitted 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.”
HSBC in 2019 launched a digital lending platform using Amount’s technology. Amount has worked with banking customers that hold about $1 trillion in assets and service more than 25 million customers.