Numerated spins out of Eastern Bank, raises $9m

Real-time commerce platform for banks Numerated Growth Technologies has picked up $9m in funding after spinning out of East Bank’s Eastern Labs FinTech incubator.

The investment was co-led by Cultivation Capital FinTech and Venrock with Eastern Bank, FIS, First Federal Lakewood, Hyperplane and Bright FinTech also participating.

Boston-based Numerated’s platform is designed to allow banks to make loans in real-time by digitising their credit policies. The platform also automates digital marketing to the bank’s customers.

Launching in 2015 at Eastern Bank the company’s technology has facilitated nearly $100m in loans.

Numerated CEO Dan O’Malley commented: “Unlike other FinTech startups, we don’t compete with or try to disrupt banks.

“We are built for banks, by a bank, funded by banks, and backed by the largest bank technology company in the world. Our mission is to build the next generation of technology to help banks grow.”

Copyright © 2017 FINTECH GLOBAL

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