ATLANTA--(BUSINESS WIRE)--Artis Technologies provides modern lending solutions for businesses to offer affordable, low-friction financing to their customers at the point of need. The company has closed its first institutional investor in a seed round, $1.5 million from Fintech Ventures Fund and its affiliates. Artis has raised $3 million to date in varying forms of debt and equity financing; the company previously received angel funds from an entity controlled by Brad Friedlander, company chairman, finance entrepreneur and founder of Angel Oak Capital Advisors.
With a presence in both Atlanta and New York City, Fintech Ventures Fund is a VC firm focused on the early-stage investments in the fintech and insurtech sectors.
Lucas Timberlake, partner at Fintech Ventures Fund, commented, “A core area of our Fund’s focus has been around innovation in consumer finance. Artis is taking a unique approach towards reducing the pain points that various stakeholders experience during the point-of-need financing lifecycle. We are excited to support Artis’ seasoned management team in this next phase of the company’s growth.”
Since its public launch in March, Artis has successfully gone to market with its first product, Artis Connect, which enables financial institutions to offer downstream credit through their existing business customers to generate high-quality consumer loans. Last week, the company introduced Artis Credit, a platform that connects businesses with a growing network of banks, credit unions, and lenders that can extend unbiased credit to their customers on the spot. Artis continues to build out its banking client relationships with super-regional, regional and large community banks and credit unions.
Barclay Keith, CEO of Artis, commented, “Launching during the pandemic proved to be a challenge, but also allowed for time to focus on our technology and broader product strategy – proving to our team, current and prospective investors, and clients exactly what we’re capable of. Our focus for the remainder of 2020 will be additional fundraising, implementing our initial financial institution partners, and continuing to build a great team and culture. From day one, Fintech Ventures Fund had a clear understanding of our unique value proposition to both financial institutions and small businesses in rethinking how consumer financing can be done. We’re excited to have earned their attention and support to grow our business and bring innovative solutions to market.”