Financial lending startup Momnt Technologies Inc. raised $9.5 million to expand its footprint internationally, grow its staff and enhance its products, according to the company.
The raise brings the company’s total funding to $20 million, according a company spokesperson. Existing investors CMFG Ventures and Saluda Grade Ventures participated in the round along with new investor Yamaha Motor Ventures. The company, formerly Artis Technologies, raised a $7 million Series A round last year led by Saluda Grade.
Since Momnt's last raise, it has reached operations in 38 states and grew its staff five-fold, according to the company. The software company will hire up to 30 new employees in sales and development to its team of 100. It will also grow its footprint internationally and to more U.S. states.
The company says it has thousands of customers but declined to provide details.
Launched in August 2020, Artis Technologies initially focused on home improvement financing before expanding into health care. Its platform integrates into merchant websites to let customers use loans to pay for large purchases, such as medical or dental work. The company rebranded to Momnt in January.
The company is in the embedded lending sector, an industry of financial services integrated into companies’ operations. That market is projected to grow from $52 million this year to $199 billion by 2029, according to research firm Research and Markets.
Last year, Momnt received its largest bank commitment, from Primis Bank, for its credit platform, according to a news release. Financial details were not disclosed. It also partnered with Atlanta financial company Paya Inc. and Drummond Community Bank. In 2021, it participated in the fintech-focused Independent Community Bankers of America ThinkTECH accelerator.
The company completed the Atlanta Tech Village incubator and later Georgia Tech’s ATDC incubator. It has an office Downtown at 100 Peachtree St NW, formerly the Equitable Building. The plan is to expand to accommodate staff growth, but didn’t provide further details.
Prior to Momnt, the company’s co-founders, Barclay Keith and Brian Lanehart, came from positions held at Greensky Inc., an Atlanta-based financial technology company which went public in 2018, according to their LinkedIn profiles.
