Artis launches to approve loans on alternative data sources
Artis Technologies today announced the launch of its embedded financial services platform for point-of-need digital loans and payments.
Technology is a response to ongoing structural changes in the interactions between consumers, businesses and lenders, and to the industry’s call for creative, well-structured financing.
Artis uses alternative data points as part of the financial data regulations to create a platform that can offer innovative credit solutions tailored to each individual borrower. The company has added behavioral data sources to the value of traditional scoring models to let AI and machine learning optimized policies and workflows decide every loan request. Loan inquiries are obtained on purpose and only based on the most relevant criteria. If necessary, borrowers receive multiple, unbiased financing offers – presented by their local dealer.
Barclay Keith, CEO of Artis Technologies said, “Consumer lending is overdue for a major upgrade. The human component – the need of the borrower – is largely lost in impersonal, clunky processes. At Artis, our goal is to build a platform that enables more inclusive, accessible, real-time funding. In addition to simplifying and streamlining the consumer experience, we’re also giving merchants the opportunity to grow their business and helping to preserve the role of financial institutions in fulfilling those loans. “
Artis curates a network of approved merchants to spend money with while building a community of financial institutions willing and ready to fund those needs. This approach gives lenders access to turnkey credit lines and allows them to quickly scale and diversify their portfolios with minimized risk. Diverse policy engines and customizable portfolio attributes enable you to distribute your assets in a targeted and strategic manner.
In this time of uncertainty, consumers will need loans from trusted financial institutions on reasonable terms; However, many banks are not ready to meet these needs with their current product offerings. While financial institutions do everything they can to keep their employees and customers safe and informed, it will be difficult to develop new products to meet the anticipated surge in demand. By partnering with Artis, financial institutions can not only meet consumer credit needs, but also equip their small business customers with digital tools to drive demand for their services.
Charles Potts, Senior Vice President and Chief Innovation Officer of Independent Community Bankers of America (ICBA), met the Artis team as a consultant for the Atlanta-based fintech accelerator program ATDC. He commented, “Artis is in a new class of fintech – one that is more about building better relationships and creating meaningful opportunities than just speeding up transactions. Their approach gives financial institutions the opportunity to get point-of-need financing and compete in a crowded consumer credit market. “
The dealers who work with Artis receive a digital self-service portal to run their business. Artis enables merchants to be a place of instant funding and benefit from improved cash conversion cycles thanks to the consumer’s real-time transactions. The platform hosts a closed payment network to ensure that the borrower can only spend loan funds with the merchant who extended the loan application.
Artis has just gotten started and opened a Series A funding round. The funds will be used to continue the company’s growth for a faster go-to-market strategy, as well as to drive customer and dealer support and market expansion.
Brad Friedlander, a financial entrepreneur and co-founder of Angel Oak Capital Advisors who will serve as Artis’ founding chairman, said, “Artis delivers a simpler, faster consumer credit experience that eliminates friction and delivers results. This team is a unique mix of skills and personalities and together creates the perfect balance between a motivated startup with tangible problems that need to be solved. “
Brian Lanehart, President of Artis Technologies added, “We are in the business of building technology that will do good. Our mission is to make consumer lending easy and friendly without compromising compliance, safety, risk and cost to tenants. Our dealers and lenders have full insight into the loan process and can therefore offer innovative loan products that are specially tailored to the needs of the borrower. ”