Real-time lending and payment software provider Artis Technologies has bagged $7m in its Series A funding round.
Saluda Grade Ventures served as the lead investor, with commitments also coming from CMFG Ventures, Fintech Venture Fund, the Independent Community Bankers of America (ICBA) and previous investors.
With the support of Saluda, an investor aimed at alternative non-bank lending businesses, Artis hopes to deepen its operations, diversify funding sources and improve client support.
Co-founded by Barclay Keith, Lena McDearmid, and Brian Lanehart, Artis launched to the public in 2020 with its first two products, Artis Connect and Artis Credit. These solutions enable merchants and merchant networks to offer consumer loans, which are originated by financial institutions, at the point-of-sale. By leveraging the software, the merchants become the “face of financing” to the consumer.
Its API-based technology leverages alternative data sources, machine learning and AI to build custom, real-time loan offers.
Artis CEO Barclay Keith said, “We couldn’t be more excited about partnering with the team at Saluda Grade to continue to execute on our vision of removing friction from financial services. This round and the expertise our new investors add will allow us to continue to grow the innovative products we’re creating for lenders, merchants, and consumers.”
The FinTech company secured its first investment capital in late 2020. Fintech Ventures Fund and its affiliates deployed $1.5m in seed funding to Artis to help it build up the number of financial institution partners.
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