- Bank technology company Numerated announces that it has closed $15 million in Series B funding led by Patriot Financial Partners
Numerated — a bank technology company that is powering the digital transformation of relationship banking — announced it has closed $15 million in Series B funding led by Patriot Financial Partners with existing investors including Venrock, FINTOP Capital, and Hyperplane.
“The traditional model for growth in banking was to build branches, hire experienced bankers, and expect that relationships would follow. This inbound sales model is broken,” said Dan O’Malley, the founder and CEO of Numerated. “Growth banks have realized that if they want to win business today, they must proactively build relationships and immediately prove their value to customers. We’re proud to be providing banks with a modern set of business development tools and real-time customer experiences that empowers bankers to do just this.”
Using machine learning and artificial intelligence, Numerated is able to pre-qualify businesses for a bank’s products and offer these businesses convenient real-time borrowing experiences that provide financing in as few as three minutes. And Numerated underwrites every business in a bank’s market on a daily basis across multiple credit products so bankers know where to spend their time. Plus it analyzes a bank’s transactions to identify relationship expansion opportunities such as customers with loans, credit cards, or treasury management services with competitors. Currently, Numerated applies its data science to more than 1.4 billion bank transactions.
“Generating profitable growth and deepening customer relationships are top strategic imperatives for banks amidst increasing competition,” added Jerry Plush, a partner at Patriot Financial Partners. “Numerated is uniquely positioned to help banks solve for relationship growth with its technology, vision, and traction with an impressive roster of growth banks.”
Numerated’s technology was initially developed within and for $11 billion Eastern Bank and was spun out as an independent company in 2017. And in the two years since the spin-out, Numerated expanded the sales tools in its platform that bankers use to find business development opportunities as well as the number of products it supports to eight business banking and commercial lending products.
This round of funding will be used to further accelerate this platform expansion and keep pace with demand from existing and prospective customers. And this most recent round of investment brings Numerated’s total venture capital raised to $32 million.
As a partner to top relationship banks, Numerated’s current customers represent in aggregate more than $150 billion in assets.
