Amount, TD Bank enter partnership on digital lending
Amount, a Chicago-based digital lending platform, has entered a strategic partnership with TD Bank to power the bank’s TD Fit Loan debt consolidation product, which was originally launched in 2018, according to a company release.
The partnership will allow TD Bank to use Amount digital lending technology, a suite of tools that include credit decisioning, fraud prevention, account verification, CRM and other technologies.
Selected TD Bank customers will be able to apply for loans of up to $35,000 using a smartphone or other mobile device and get decisions in as little as one day.
"When we looked to expand our personal lending products with a digital offering, we prioritized finding a platform that could provide a simple, straightforward customer experience, which we found in Amount," Mark Victoria, head of personal lending at TD Bank, said in the announcement. "Our initial rollout of TD Fit marked the first in a series of collaborative initiatives with Amount that will provide a great experience for our customers while bringing TD to the forefront of digital lending."
Amount’s technology has been used to originate more than $6 billion in loans, serving about 800,000 customers.