Magazine article American Banker

Merrill, PaineWebber Invest in Small-Business Service

Magazine article American Banker

Merrill, PaineWebber Invest in Small-Business Service

Article excerpt

OneCore Financial Network Inc., a provider of on-line financial services to small businesses, received strong votes of confidence -- and cash -- from two large brokerage firms.

The Bedford, Mass.-based company is announcing today that Merrill Lynch & Co. and PaineWebber Inc. are among the investors in its third round of financing, which totaled $30 million. The brokerages said they want more than just financial returns; they seek to offer OneCore's services to their own customers.

" has successfully developed and deployed services that enable entrepreneurs to take advantage of the Internet and to better manage their finances," said Frank Zammataro, first vice president and senior director of strategic technologies for Merrill Lynch's private client group. "We look forward to leveraging this relationship to create joint service offerings that complement our own e-business services."

Jack Littman-Quinn, president and chief executive officer of OneCore, said his company and the two brokerages are examining what services they could offer each other's customers. "It's a very exciting time for all of the companies," he said.

OneCore said it would use the $30 million to expand service offerings, marketing efforts, and infrastructure.

Besides Merrill Lynch and PaineWebber, new investors in the third round include Century Capital Management, Onex Ventures, and a family trust run by Chuck Burtzloff, the chief executive officer of Cardservice International Inc. …

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