NEW YORK, Feb. 25, 2021 /PRNewswire/ -- ODX, LLC and
Fundation Group LLC today announced their businesses will combine
to become Linear Financial Technologies ("Linear"), the market
leader in digital account origination technology and insights for
financial institutions, B2B vendors and SMB service providers. The
company provides loan origination, account opening and AI-based
analytics solutions to financial institutions and is expanding its
SaaS solutions to international clients and clients outside of
banking.
"Over the years, our combined platforms have served hundreds of
thousands of business customers through many of the leading
business banking providers in the market, deploying modern banking
experiences that their customers and front-line colleagues expect
in the digital era," said Sam
Graziano, former CEO of Fundation, and now CEO of Linear.
"Together as Linear, we'll have the resources to more rapidly
expand the breadth of our solutions to bring more value to our
clients."
Linear simplifies the borrowing and account opening experience
for customers and streamlines loan and deposit origination
workflows for clients. It launches with an expansive and diverse
set of clients, ranging from top U.S. banks such as Citizens Bank,
PNC Bank, Fifth Third Bank and Bank
of the West, to non-bank lenders and SMB service providers. Linear
also recently expanded into the Canadian and Australian markets
with American Express.
To date, clients have provided over $13B in capital to businesses through the Linear
platform, and Linear will continue to help its clients serve
business customers at a time when they need it most.
"ODX and Fundation joining forces allows us to turbocharge our
technology roadmap and deliver an expanded set of capabilities to
our clients," said ODX President Brian
Geary, who today becomes President of Linear. "Linear will
equip our clients with flexible technology that is uniquely aided
by insights grounded in decades of combined financial services and
lending experience."
The company's SaaS platform offers a comprehensive suite of
solutions, including:
- Linear Platform Solutions: The leading digital
originations and servicing platform for credit cards, loans and
deposit accounts – delivering an omni-channel, frictionless
customer experience while reducing costs for lending and depository
institutions.
- Linear AI Solutions: Harnesses the power of AI/ML
technologies to make intelligent business decisions and drive
profitable business outcomes through use cases such as fraud
detection, credit risk scoring and account monitoring.
- Linear Integrated Credit Solutions: Facilitates the
origination of credit products to support 'second look' programs
for customers of our clients through Fundation branded products,
along with embedded credit and point of sale financing
programs.
- Linear Vendor & Supplier Solutions: SaaS platform
and point of sale financing programs that power the sales
capabilities of B2B and B2C suppliers and vendors.
Linear will continue to facilitate the origination of Fundation
branded credit products to support Linear's Integrated Credit and
Vendor & Suppliers Solutions business lines.
Rounding out Linear's management team is Sandip Nayak, Chief Strategy & AI Officer,
formerly with Fundation, and Raj Kolluri, Chief Technology Officer,
formerly with ODX. Linear's proven team brings deep experience in
financial services and financial technology at leading institutions
including Capital One, Citigroup, and SS&C. The combined
company will have nearly 200 employees and have offices in
Reston, VA, New York, NY and Denver, CO.
Fundation's majority owner, Garrison Investment Group, will own
a majority equity interest in the combined company. Enova
International (NYSE: ENVA), which recently acquired ODX's parent
company OnDeck, will own a minority equity interest. Fundation was
advised by Barclays and ODX was advised by SenaHill Partners in
this transaction.
For more information, please visit: www.linearft.com
About Linear Financial Technologies
Formed in February 2021 through
the combination of leading fintech companies ODX and Fundation,
Linear Financial Technologies ("Linear") is the leading digital
account origination and insights platform serving the business
banking and adjacent markets. Linear simplifies the borrowing
and account opening experience for customers and streamlines loan
and deposit origination workflows, empowering digital
transformation. Embedded in the solution is a decade of
insights, accompanied by the power of AI/ML technologies to enable
clients to make intelligent business decisions. An integrated
credit offering also facilities lending to support "second look"
programs, embedded credit, and point of sale financing. The
company serves a wide range of industry verticals such as financial
institutions, B2B vendors, and SMB service providers through the
brand names Linear, Fundation and Kinnek. For more
information, please visit: www.linearft.com
About Fundation
Fundation Group LLC is an origination solutions provider focused
on the small business market nationally. Fundation is a leader in
providing technology and application processing services to support
more than 25 super regional, regional and community banks.
Fundation's solutions enable its financial services clients to
develop a digital banking capability, provide a great customer
experience, drive cost efficiency into their small business lending
program, and maximize the number of customers they can serve.
Fundation's services range from simple referral partnerships to
customized, integrated private-labeled lending programs. The
Company also partners with a wide array of organizations that serve
the small business market in various capacities to deliver credit
products to the business community nationwide.
About ODX
ODX helps financial institutions deliver business banking
products to customers by digitizing and simplifying the origination
process. As a subsidiary of OnDeck®, ODX draws on the pioneering
fintech heritage of its parent to simplify the borrowing and
account opening experience for customers and streamline the
origination process for clients. Providing a proven combination of
technology platform, analytic insights and professional services,
ODX helps clients efficiently and securely onboard new business
customers.
Fundation® is a Registered Trademark of Fundation Group,
LLC.
ODX® is a Registered Trademark of ODX, LLC.
OnDeck and the OnDeck logo are trademarks of On Deck Capital,
Inc.
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SOURCE Linear Financial Technologies