Primis Bank to offer diverse loan options direct-to-consumer through new fintech partnership with Artis
Artis Technologies, a company that powers real-time lending and payment solutions for businesses at the point of need, 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 brought us a unique strategy that aligned well with both our business and civic objectives”
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.