Numerated, a Boston, MA-based bank technology company powering the digital transformation of relationship banking, closed a $15M Series B funding round.
The round was led by Patriot Financial Partners, with participation from existing investors Venrock, FINTOP Capital, and Hyperplane.
The company intends to use the funds to further accelerate platform expansion and expand the business reach.
Led by Dan O’Malley, founder and CEO, Numerated applies machine learning and artificial intelligence to data from inside and outside of banks, pre-qualifying businesses for a bank’s products and offering them real-time borrowing experiences that provide financing in as few as three minutes.
The solution underwrites every business in a bank’s market on a daily basis across multiple credit products so bankers know where to spend their time. Additionally, 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 it applies its data science to more than 1.4 billion bank transactions.
Numerated partners with top relationship banks, including Eastern Bank where its technology was originally incubated, Bremer Bank, Dollar Bank, MidFirst Bank, Seacoast Bank, People’s United Bank, and more.