OneTeam Capital has entered into an agreement with Linear Financial Technologies, for more help for small businesses in need of working capital solutions, a press release said Wednesday (May 26).
OneTeam Capital works in customized working capital solutions for small to medium-sized businesses (SMBs). It has a network of partners working in fields like underwriting and credit analysis.
Linear, formed in February this year, works in digital account origination, helping to simplify borrowing and account opening along with loan and deposit origination workflows.
“This is an extremely exciting development. Linear is the market leader in providing technology, operational, and analytical solutions to banks and other financial institutions in the small business market. We are truly fortunate to be able to leverage their platform and know-how to grow our presence in this vital sector of the economy,” said W. Taylor Kamp, CEO of OneTeam Capital.
He added that the U.S. economy was currently in the process of coming out of the fog of the pandemic. That and the end of the Paycheck Protection Program (PPP) would necessitate support for small businesses. That will include “flexible, stable and reasonably priced sources of working capital.”
“At Linear, our mission is to enable banks and other lenders to offer their business customers the financial solutions they need in an efficient, digitally-empowered, manner,” Sam Graziano, CEO of Linear, said. “This arrangement with OneTeam Capital does exactly that and we look forward to being a catalyst for OneTeam to scale in this market.”
PYMNTS wrote last year that SMBs were beginning to look at different sources for capital, with last year’s lockdowns making large legacy banks even more risk averse, so they needed new sources. FinTechs and payment service providers have been among the services helping keep the SMBs afloat.
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