Fintech firm Numerated expands small-business offerings for banks

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Numerated, a software startup in Boston that began in Eastern Bank’s innovation lab, has expanded its small-business banking offerings.

Its base offering is a combination of digital marketing and loan origination. It provides a database of small businesses throughout the U.S., and it ingests data from bank customers' own core systems to identify potential borrowers, prefill loan data and apply a bank’s own credit underwriting standards to quickly approve online loans and lines of credit to small businesses.

The company said this week that it has added the ability to provide deposit accounts, overdraft protection, credit cards, working capital lines, equipment loans and other services for small business.

Dan O'Malley, CEO of Numerated
“The hole in the market is having a great front-end customer experience,” Dan O'Malley, CEO of Numerated, said in explaining software improvements that the company's bank customers had asked it to make.

Bank clients asked for these added features, according to Dan O’Malley, CEO of Numerated and former chief digital officer at Eastern Bank.

“Most of our customers when they bought our platform were expecting to be able to put more products on and use the platform as a way to help digitally transform the bank,” he said. “This has been a lot of our work in the past year.”

More than half of Numerated’s customers have begun deploying the new features, according to O’Malley. Customers include People’s United Bank, Home Bank of California, Horizon Bank and Montecito Bank & Trust.

“We created a unique digital small-business loan experience using Numerated that provides businesses access to funds faster and easier than ever before,” Todd Walker, digital lending leader at Horizon Bank, of Michigan City, Ind., said in a news release Wednesday. “We’re excited to utilize that same technology for larger credits and complementary products like overdraft protection.”

According to O’Malley, most of Numerated’s customers were pleased with the way their old loan origination system worked on the back end, but not the customer-facing side.

“The hole in the market is having a great front-end customer experience,” he said.

Numerated’s road map will take it beyond small business and into other business lines, O’Malley said.

“A number of our customers would be very interested in working with us in other parts of the bank, so we will continue to build out functionality,” he said.

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