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Combined company will serve top U.S. banks with AI-based analytics solutions and a global SaaS platform.
Enova will retain a minority stake in the new combined company.
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."
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.