Linear CEO on New Merger
Fundation and ODX were in talks to merge for over a year, Linear and past Fundation CEO Sam Graziano said. Then covid changed plans, but by mid-summer talks were back on.
There was recognition by the leadership team at Fundation and CEO of OnDeck Noah Breslow that ODX and Fundation were competitors in the same banking-as-a-service space and could merge to serve the entire market, Graziano said.
Launching with the press release last week, Linear is majority-owned by Fundation, but Graziano said it was looked at as a “cashless transaction” and merger between two companies. This upcoming year, Linear plans “To merge the two businesses more structurally,” Graziano said, “continue to merge the two businesses, deepen industry relationships, and continue to expand the scope of clients.”
Fundation’s minor business funding branch will continue under the Fundation brand, Graziano said.Last modified: March 1, 2021
Kevin Travers was a Reporter at deBanked.