Finance News Technology

Amount Acquires Linear Financial Technologies

Amount Acquires Linear Financial Technologies
With the acquisition, Amount creates a unique platform that can power both consumer and small business loan origination programs for financial institutions

Amount, a banking technology provider offering account opening, loan origination and BNPL financing solutions, announced the acquisition of Linear Financial Technologies (“Linear”), the premier SMB loan and account origination platform.

Latest Fintech Insights: Global Finance Names ICD Portal Best Investment Management Solution

“In Linear, we saw an opportunity to pair Amount’s consumer banking solution and buy now, pay later technology with Linear’s small business banking solutions to help financial institutions simplify and streamline business processes to create new business opportunities and increase value for our clients”

Linear’s solution set is complementary to Amount’s retail banking and BNPL solutions for consumer loans. Linear’s platform simplifies the borrowing and account opening experience for small business owners and streamlines loan and deposit origination workflows for a broad range of SMB products, ranging from business credit cards, loans, lines of credit and SBA loans. The company has an expansive and diverse set of name brand clients, including Citizens Bank, PNC Bank, Fifth Third Bank, Bank of the West, and American Express, among others.

Linear will rebrand and operate as Amount Small Business in 2022. Sam Graziano, CEO of Linear, will join Amount’s executive team and become Head of Amount Small Business.

Browse The Complete News About Fintech : German Firm Hellwig Bank Selects Aqmetrics For Its MiFID II Reporting

“In Linear, we saw an opportunity to pair Amount’s consumer banking solution and buy now, pay later technology with Linear’s small business banking solutions to help financial institutions simplify and streamline business processes to create new business opportunities and increase value for our clients,” said Adam Hughes, CEO of Amount. “We admire what Sam and his team have built at Linear, especially as we share many of the same values when it comes to developing technology, with a heavy focus on bringing data and insights to the forefront, to improve customer experiences, business processes and risk management. I’m excited to welcome the Linear team to Amount and look forward to working beside them to expand Amount’s product set.”

“The foundational items necessary for success in SMB lending are akin to those in consumer lending – namely modern digital customer experiences, data aggregation, process automation and risk-based analytics.” said Sam Graziano, CEO of Linear. “That is why the synergy potential from joining forces with Amount was obvious to us given their unmatched expertise and reputation in the consumer lending space. We are also seeing a desire for our bank clients to simplify their vendor portfolios and build deeper relationships with the ones they trust. So there is a huge opportunity for both Linear and Amount to deepen our existing relationships while also going to the market with a more diverse set of solutions.”

Post transaction, Amount’s headcount will total nearly 600 employees, and will operate offices in New York City, NY; Reston, VA; Chicago, IL; and Los Angeles, CA. The combined company expects to expand its capabilities within its retail banking suite, B2C and B2B point of sale solutions, fraud detection solutions and embedded finance, among other things.

Read More About Fintech News Earthstone Energy Announces Midland Basin Asset Acquisition For ~$860 Million

[To share your insights with us, please write to sghosh@martechseries.com]

Related posts

OneUnited Bank To Purchase NFT to Honor Legacy of Josephine Baker

Fintech News Desk

CheckAlt Acquires U.S. Dataworks, Strengthens Lockbox and Electronic Payments Solution Suite

Fintech News Desk

Cryppo: The NFT Collections To Play in the Metaverse and Earn Tokens

Fintech News Desk
1