Numerated, which is powering the digital transformation of relationship banking, has bagged $15m in its Series B.
Patriot Financial Partners led the round, with existing Numerated backers Venrock, FINTOP Capital, and Hyperplane also committing capital.
The FinTech offers banks a real-time sales platform to improve their relationship growth. Machine learning and AI technology is applied to data from inside and outside of banks, pre-qualifying a business for a bank’s products and real-time borrowing experiences which supplies capital within three minutes.
Numerated underwrites every business in a bank’s market daily across multiple credit products so bankers know where to spend time.
It also analyses a bank’s transactions to identify relationship expansion opportunities such as customers with loans, credit cards, or treasury management with competitors.
Numerated founder and CEO Dan O’Malley said, “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.
“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.”
Following the close of the round, the company has raised a total of $32m in funding.
Copyright © 2019 FinTech Global
