Toronto’s Ario has announced a $10 million investment from Purpose Financial LP to expand its banking-as-a-service technology platform supporting small- and medium-sized enterprises.
The company will use the investment to launch its white-label digital lending solutions and account management services.
The funding will also allow Ario to expand into card issuance and cash management for SME loans, to give enterprise clients the ability to offer financial services to their own customers.
The Ario platform uses proprietary data and algorithms based on machine learning to offer cost-efficient digital lending with a depth of knowledge not available from traditional financiers.
“The Ario digital-lending platform was developed to provide digital automated banking solutions for SMEs, a typically underserved segment of the North American financial market. We’re supporting incumbent financial firms, technology companies and non-financial firms to enable them to provide easy financing solutions and broader financial products to their clients,” said Avinash Chidambaram, CEO of Ario.
The Ario platform is being used to power the BillMarket solution, which offers invoice-financing options to expedite payment terms between suppliers and their customers.
BillMarket is a collaboration between Equifax Inc. and Thinking Capital Financial Corporation, which is wholly owned by Purpose Financial.