Artis Technologies, an Atlanta-based lending platform, has closed a $1.5 million seed round led by Fintech Ventures Fund and affiliates.
The new funding brings Artis' total raised to $3 million in debt and equity, according to a news release. The company previously received an investment from an angel entity controlled Brad Friedlander, a company chairman, finance entrepreneur and founder of Angel Oak Capital Advisors.
“A core area of our Fund’s focus has been around innovation in consumer finance," Lucas Timberlake, partner at FVF, said in a statement. "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 launching in March, the company has launched two products -- a platform that connects businesses to a network of banks, credit unions and other entities in the lending space and a product that enables financial institutions to offer downstream credit through their existing customers.
“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," Barclay Keith, CEO of Artis, said in a statement. "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.”
