Posted July 26, 2021
ATLANTA–(BUSINESS WIRE)–Artis Technologies, a company that powers real-time lending and payment solutions for businesses at the point of need, today announced the closing of a $7 million Series A round led by Saluda Grade Ventures with additional follow-on investment from CMFG Ventures, Fintech Venture Fund, the Independent Community Bankers of America (ICBA), and previous investors.
Saluda Grade is one of the leading innovators and investors in the alternative “non-bank” lending sector. The firm will help the Atlanta-based company grow operations, diversify funding sources, and improve client support.
Brad Hartung, Portfolio Manager at Saluda Grade, commented, “Artis provides a cutting-edge technology solution to a broken and outdated point of need lending landscape. The team at Artis has proven an ability to execute their vision, and Saluda Grade is excited to marry our capital markets expertise and execution to accelerate their growth.”
Artis is co-founded by Barclay Keith, Lena McDearmid, and Brian Lanehart, and since its public launch in 2020 has successfully gone to market with its first two products, Artis Connect and Artis Credit. Through both products, Artis enables financial institutions to put excess capital to work by generating consumer loan assets with attractive risk-adjusted returns at point-of-need via merchants and merchant networks.
These merchants become the “face of financing” to the consumer, offering loans originated by partner financial institutions at the point when the consumer is making a purchasing decision. Its API-based platform uses alternative data sources, complex machine learning, and AI to present custom, real-time loan offers to individual borrowers at the point of making a purchase. This approach helps drive demand for the merchant; extends creative, well-structured financing to the consumer; and generates new revenue sources for participating financial institutions.
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