ATLANTA--(BUSINESS WIRE)--Artis Technologies, a company that powers real-time lending and payment solutions for businesses at the point of need, today announced it has entered a funding partnership with Primis Bank in the largest commitment to-date to its Artis Credit platform. The funding will fulfill consumer loans originating through the company’s home improvement and elective medical portfolios.
Artis enables financial institutions to put excess capital to work by generating consumer loan assets with attractive risk-adjusted returns at the point of need via merchants and merchant networks. These merchants become the “face of financing” to the consumer, offering loans originated by partner financial institutions at the point when the consumer is making a purchasing decision. Its API-based platform uses alternative data sources, complex machine learning, and AI to present custom, real-time loan offers to individual borrowers at the point of making a purchase. This approach helps drive demand for the merchant; extends creative, well-structured financing to the consumer; and generates new revenue sources for participating financial institutions.
Barclay Keith, CEO of Artis Technologies, said, “We’re excited to partner with the team at Primis Bank and we look forward to helping advance their mission to enable better banking by leveraging fintech relationships. Our partnership will provide more consumers the ability to receive financing at the point they need it most. We believe the Primis vision for a digital-focused bank is the future of community banking, and we are thrilled to launch this partnership.”
When banks partner with Artis, they connect with a growing network of approved merchants able to extend unbiased credit to their customers on the spot. This approach enables bank partners to quickly scale and diversify their portfolios with minimized risk.
“Artis brought us a unique strategy that aligned well with both our business and civic objectives,” said Stephen Weber, Executive Vice President and Chief Strategy Officer of Primis Bank. “We’re looking forward to this partnership and what we’ll be able to achieve together.”
Through the partnership, Primis Bank can grow their loan portfolio at scale, while customizable portfolio attributes allow them to be specific and strategic about distributing their assets. The combination of point-of-need financing with real-time funding allows the bank to offer the right loan at the right time with a simple, consumer-friendly experience.
James Stevens of Troutman Pepper advised Artis on the deal.
About Primis Bank
Primis Bank, the wholly-owned banking subsidiary of Primis Financial Corp., provides a range of financial services to individuals and small- and medium-sized businesses through forty-one full-service branches in Virginia and Maryland and through certain internet and mobile applications. As of March 31, 2021, Primis had $3.33 billion in total assets, $2.39 billion in total loans and $2.69 billion in total deposits. For more information on the bank, please visit the Primis Bank website at www.primisbank.com.
About Artis Technologies
Artis Technologies powers modern lending solutions for businesses to provide affordable, low-friction financing to their customers at the point of need - all funded by trusted lending partners. Its API-based platform leverages alternative data sources and ML/AI-informed decisioning to present real-time loan offers fit to each individual borrower, all done within the banking industry’s current regulatory infrastructure. Visit heyartis.com for more information and career opportunities or follow @heyartis.