Banking tech provider Amount is acquiring small business and account opening platform Linear Financial Technologies for an undisclosed amount, the companies announced on Tuesday (February 1).
Linear’s suite of solutions complements Amount’s retail banking and buy-now-pay-later (BNPL) consumer credit solutions. Linear’s platform makes the borrowing and account opening process easier for small business owners. It also streamlines lending and deposit origination workflows for a range of SMB services – business credit cards, loans, lines of credit and SBA loans.
As part of the acquisition, Linear will operate under a new brand name: Amount Small Business. Sam Graziano, CEO of Linear, will join Amount’s executive team as head of Amount Small Business.
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“In Linear, we saw an opportunity to combine 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 drive new business opportunities to create and increase value for our customers,” said Adam Hughes, CEO of Amount.
“We admire what Sam and his team have built at Linear as we share many of the same values when it comes to developing technology with a strong focus on bringing data and insights to the forefront to transform customer experiences, business processes and improve risk management,” added Hughes.
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As a combined company, Amount’s New York offices will have a workforce of nearly 600 employees; Reston, Va.; Chicago; and Los Angeles. The company plans to expand its capabilities into retail banking, B2C and B2B point-of-sale solutions, fraud detection solutions, embedded finance and more.
“The fundamental elements required for success in SME lending are similar to those in consumer lending – namely modern digital customer experiences, data aggregation, process automation and risk-based analytics,” said Graziano.