BOSTON—BUSINESS WIRE—Numerated, a cutting-edge bank technology firm transforming relationship banking through digital innovation, has successfully secured $15 million in Series B funding, spearheaded by Patriot Financial Partners. This significant investment round also saw continued support from existing investors Venrock, FINTOP Capital, and Hyperplane, underscoring strong confidence in Numerated’s vision and market traction.
In an era where a substantial 74 percent[1] of US banks are grappling with declining deposit and commercial lending relationships, Numerated emerges as a pivotal solution. Their real-time sales platform is specifically designed to counteract this trend, empowering banks to not only attract new clientele but also deepen engagement with their current customer base. This platform arrives at a critical juncture for the banking sector, aiming to revitalize customer acquisition and relationship management strategies.
Patriot Financial Partners Backs Numerated’s Vision for Banking Growth
“In today’s fiercely competitive landscape, banks are prioritizing profitable growth and stronger customer relationships,” stated Jerry Plush, Partner at Patriot Financial Partners. He further emphasized why Patriot Financial Partners chose to lead this investment, noting, “Numerated stands out with its unique technology, forward-thinking vision, and proven success with a portfolio of high-growth banks. Patriot Financial Partners is excited to support Numerated as they address the critical need for relationship growth in the banking sector.” This endorsement from Patriot Financial Partners highlights the strategic importance of Numerated’s platform in the current financial environment.
Numerated’s platform leverages the power of machine learning and artificial intelligence to analyze extensive data, both internal and external to banks. This sophisticated analysis enables the platform to pre-qualify businesses for various banking products and deliver swift, real-time borrowing experiences, often providing financing in as quickly as three minutes. This speed and efficiency mark a significant leap forward in the customer experience offered by banks.
Dan O’Malley, founder and CEO of Numerated, commented on the evolving landscape of bank growth: “The traditional banking growth model, centered around branch expansion and hiring, is no longer sufficient. Today’s growth-focused banks understand the necessity of proactive relationship building and demonstrating immediate value to customers. We are proud to equip banks with state-of-the-art business development tools and real-time customer interactions that enable bankers to achieve precisely this.”
Data-Driven Insights and Platform Expansion
Numerated’s innovative approach includes daily underwriting of every business within a bank’s market across a range of credit products. This provides bankers with actionable intelligence on where to focus their efforts. Furthermore, the platform analyzes bank transaction data to pinpoint opportunities for relationship expansion, such as identifying customers who hold loans, credit cards, or treasury management services with competitor institutions. Currently, Numerated’s data science capabilities are applied to over 1.4 billion bank transactions, showcasing the scale and depth of its analytical prowess.
Initially incubated within Eastern Bank, with $11 billion in assets, Numerated emerged as an independent entity in 2017. Since then, the company has broadened its platform’s sales tools for identifying business development opportunities and expanded product support to encompass eight business banking and commercial lending products. The newly acquired funding, with Patriot Financial Partners as the lead investor, will be instrumental in accelerating this platform expansion and meeting the growing demand from both current and future clients.
“We are enthusiastic about the expertise that Patriot Financial Partners brings in the banking sector as we continue to advance our vision of redefining relationship banking for the digital age,” added O’Malley. The Series B investment, guided by Patriot Financial Partners, brings Numerated’s total venture capital funding to $32 million. Prior investors and advisors also include notable figures such as the former Administrator of the Small Business Administration and Deputy Director of the Consumer Financial Protection Bureau, further validating Numerated’s strong industry backing and potential.
Numerated collaborates with leading relationship banks, with its existing customer base collectively managing over $150 billion in assets. For more information on how Numerated is facilitating relationship growth for banks, please visit www.numerated.com.
About Numerated
Numerated is at the forefront of bank technology, driving the digital transformation of relationship banking. Their real-time sales platform is engineered to help banks attract and strengthen business relationships by providing bankers with advanced business development tools and seamless, real-time borrowing experiences. Numerated’s partnerships include top-tier relationship banks such as Eastern Bank, Bremer Bank, Dollar Bank, MidFirst Bank, Seacoast Bank, and People’s United Bank, among others.
About Patriot Financial Partners
Patriot Financial Partners, established in 2007, is a private equity firm headquartered in Radnor, PA. The firm strategically invests in community banks, thrifts, and financial services-related companies across the United States. Patriot Financial Partners aims to achieve superior, risk-adjusted returns through a hands-on, value-added investment approach focused on non-control investments within the community banking sector. Patriot Financial Partners has broadened its investment scope to include adjacent niche markets within the financial services industry, demonstrating its commitment to fostering growth and innovation in the financial sector.
[1] S&P Global/SNL, 2016-2018.
