CHICAGO, Feb. 25, 2021 /PRNewswire/ -- Enova International
(NYSE: ENVA), a leading financial technology and analytics company
offering consumer and small business loans and financing, today
announced that it has entered into a definitive agreement to
combine its ODX business with Fundation, an origination solutions
provider focused on the business banking market. Enova will retain
a minority stake in the new combined business.
The combined company will be named Linear Financial Technologies
("Linear") and will be the market leader in AI-based SaaS small
business lending solutions, digital account origination technology
and insights for financial institutions, B2B vendors and SMB
service providers.
"This transaction creates the largest independent SaaS provider
to banks for small business lending, with a product set that is
superior to other offerings in the market," said David Fisher, Enova's CEO. "We believe that this
transaction will fuel growth for Linear while enabling us to more
efficiently focus our efforts on growing our core U.S. SMB and
consumer businesses."
About Enova
Enova International (NYSE: ENVA) is a leading financial
technology company providing online financial services through its
AI and machine learning powered lending platform. Enova serves the
needs of non-prime consumers and small businesses, who are
frequently underserved by traditional banks. Enova has provided
more than 7 million customers with over $40
billion in loans and financing with market leading products
that provide a path for them to improve their financial health. You
can learn more about the company and its brands
at www.enova.com.
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SOURCE Enova International, Inc.