BOSTON--(BUSINESS WIRE)--Numerated, the financial technology company offering banks a real-time lending and growth platform, announced today it has closed $8 million in additional financing—bringing its total funding to $17 million.
Banks of increasing size and complexity are selecting Numerated for digital lending, and the company will use this additional financing to meet market demand and scale its operations.
Current Numerated investors Venrock, FIS and FINTOP Capital led the financing. The company also welcomes new investor Raj Date, the founding Deputy Director of the Consumer Financial Protection Bureau (CFPB) and current Managing Director at Fenway Summer Ventures. Date will join Numerated’s Advisory Board, bolstering the company with veteran banking and lending expertise.
Date shared, “The industry has been sorely lacking a solution designed specifically for community and regional banks to compete and win against giant global banks and alternative lenders in business banking. Numerated has quickly grown to become the market leader in business lending with its real-time fintech platform, and I look forward to advising the company as it continues its growth.”
Numerated’s founder and CEO Dan O’Malley shared, “We’ve seen a tipping point in the market, with banks across the U.S. focused on digitally serving their business segments and out-competing national and global lenders. We look forward to continuing to develop a platform that drives real growth for them, and are lucky to be able to call on Raj as an advisor as we do this.”
With Numerated’s real-time lending platform, banks can offer businesses in their markets the fastest, most convenient way to secure financing. Additionally, the platform’s integrated marketing and sales tools empower bankers and branches with actionable business information and pre-eligibility data to attract new customers and expand share-of-wallet with current customers.
Numerated powers the digital transformation of business lending at banks. Numerated's end-to-end platform profitably grows business portfolios through a powerful combination of real-time lending customer experience, automated credit decisioning, and modern marketing and sales tools that attract and win businesses. Numerated was developed in 2015 within and for Eastern Bank, and was spun-out as an independent company in 2017 after growing Eastern’s small business loan portfolio 4X into the #1 lender in Boston.