Momnt Partners with Community Bank to Fund Consumer Loans through its Platform
Atlanta, GA – January 12, 2021 – Today, Momnt formerly known as Artis, a provider of modern point-of-need lending and payment solutions, announced it has entered into a new bank funding partnership with Drummond Community Bank for its Momnt platform. The funding will fulfill consumer loans originating through the company’s Home Improvement portfolio.
Momnt is a platform for businesses to offer unique loan options direct-to-consumer with no start-up cost and minimal risk. It’s made possible by connecting financial institutions ready to provide financing through Momnt API-based platform that uses alternative data sources, complex machine learning and AI to present real-time loan offers to individual borrowers. The platform is ideal for consumer-facing businesses with higher cost products and services.
Barclay Keith, CEO of Momnt Technologies, said “I am pleased to announce this strategic partnership with Drummond Community Bank. Community banks are drivers of local business growth, and we want to provide them with technology to help expand their footprint and drive demand to small businesses. This partnership will allow the bank to get affordable financing options in the hands of consumers when and where they need it, and allow merchants the opportunity to grow their business.”
When banks partner with Momnt, they connect with a growing network of approved merchants able to extend unbiased credit to their customers on the spot. Momnt equips businesses to be the face of that financing while giving banks an easy pathway to gain a new share of the consumer loan market. This approach provides banks access to turnkey lending rails and enables them to quickly scale and diversify their portfolios with minimized risk.
“At Drummond, we strive to be the premier community bank in Florida,” said Matt Gallman, VP Enterprise Risk Officer at Drummond Community Bank. “By partnering with Momnt, we’re able to get financing into the hands of consumers in real-time and in their moment of need. Deploying best-in-class solutions through fintech partnerships allows us to continue to grow our bank, generate new customer opportunities, and better serve our community.”
Through the partnership, Drummond Community 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.
About Drummond Community Bank
Drummond Community Bank is a state-chartered financial institution in northern Florida with $800 million in total assets. Drummond offers a wide range of business and personal services and products to the communities through its 17 branch locations in Alachua, Citrus, Columbia, Dixie, Gilchrist, Lafayette, Levy, and Marion Counties. For more information on the bank, please visit Drummond Community Bank’s website at drummondbank.com.
Momnt powers modern lending solutions for businesses to provide affordable, low-friction financing to their customers at the point of need. Its API-based platforms creatively leverage 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 momnt.com for more information.