Ario Secures $10-million Investment from Purpose Financial to Expand Small Business Banking As a Service Infrastructure
TORONTO, November 13, 2018 – Ario (“the company”) is pleased to announce a $10-million investment from Purpose Financial LP to expand its innovative 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. In addition, Ario has uniquely secured access to a strong and deep balance sheet to ensure its partners can offer these financial services products without the need of using their own capital on their balance sheet.
“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 as the technology powering the Bill Market solution, which offers invoice financing options to expedite payment terms between suppliers and their customers. Bill Market is a collaboration between Equifax Inc. and Thinking Capital Financial Corporation, which is wholly owned by Purpose Financial.
“Small businesses require many different forms of financing to run and grow their businesses and currently these customers are significantly underserved by the market. . Small business owners are digitally savvy and expect integrated experiences that allow them to focus on their business instead of worrying about money. That includes, for example instant and mobile access to working capital to fund new equipment or tie over payrolls. This investment from Purpose will allow us to continue to develop and offer digital solutions to support the industry and meet the needs of the modern small business,” said Chidambaram.
Ario is a data driven banking & lending solutions provider built to allow our enterprise partners to offer financial solutions to their small business clients. The company is focused on helping small- and medium-sized enterprises overcome one of their biggest barriers to success, access to working capital. Ario’s software-as-a-service platform provides existing banks, credit unions, technology companies and non-financial retail companies a white-label platform without the burden of expensive infrastructure and at a fraction of the cost of traditional platforms. Ario integrates directly with enterprises to give them turnkey financing solutions to offer for their clients, opening new revenue streams and unlocking new customers for this underserved market. Ario was founded in 2017 and has offices in Toronto and Ottawa.
About Purpose Financial
Purpose Financial is an independent financial services company with an unrelenting focus on customer-centric innovation, delivered through technology-driven solutions. Led by entrepreneur Som Seif, the company is developing a diversified product platform aimed at addressing historically underserved segments of the market. Purpose Financial's businesses include Purpose Investments, Purpose Advisor Solutions, Purpose Banking Technology Solutions , which includes Thinking Capital Financial Corporation and Ario, and Purpose Strategy & Innovations Labs, its Fintech innovations group.
For more information or to schedule interviews and private demonstrations, submit your request at arioplatform.com/contact.