Amount, a Chicago, Illinois-based fintech, as per recent reports, has announced entering into a strategic partnership agreement with TD Bank, a Cherry Hill, New Jersey-based US subsidiary of Toronto-Dominion Bank, to support its digital lending services.
Last year, in Aug. 2018, the bank announced the TD Fit Loan scheme, allowing certain customers to apply for unsecured installment loan amounts of up to $35,000 online via the bank’s website or through their mobile devices. The initial offering consolidates higher-interest debt for customers, while also recognizing the ever-growing interest for a seamless and quick digital lending experience among customers.
The Chicago-based fintech, Amount, claims its technology platform that features some unique digital capabilities has till now originated nearly $6 billion in loans to over 800,000 consumers.
James Paris, chief strategy officer at Amount, says “Shifting consumer behavior has set the bar high for retail banks to deliver a digital experience that is fast, secure and simple”.
Furthermore, the Amount platform has been customized as per the needs and requirements of the Bank and through this partnership, both Amount & TD Bank intend to introduce further products and standalone tools such as fraud prevention, account verification, and decisioning engines into the market expanding their respective portfolios, and paving way for new opportunities to grow their revenues.