ODX LLC and Fundation Group LLC have agreed to combine and become Linear Financial Technologies, a provider of 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.
Linear will continue to facilitate the origination of Fundation branded credit products to support Linear’s integrated credit and vendor and suppliers solutions business lines. Rounding out Linear’s management team is Sandip Nayak, chief strategy and AI officer, formerly with Fundation, and Raj Kolluri, chief technology officer, formerly with ODX.
“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.”
Fundation’s majority owner, Garrison Investment Group, will own a majority equity interest in the combined company. Enova International, 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.