Bank sales platform Numerated raises $15m

Bank sales platform Numerated raises $15m

Numerated, the Boston-based startup behind a real-time sales platform for banks, has raised $15 million in a Series B funding round led by Patriot Financial Partners and joined by Venrock, Fintop Capital, and Hyperplane.

Around three quarters of banks in the US face a declining number of deposit relationships, commercial lending relationships, or both.

Numerated says it can help reverse the trend and assist banks in attracting new customers and expanding relationships with existing ones by applying AI and machine learning to data from inside and outside of lenders.

This means banks can pre-qualify businesses for products, offering them convenient real-time borrowing experiences that provide financing in as few as three minutes.

The technology was initially developed within Eastern Bank and was spun out as an independent company in 2017.

The funding will be used to accelerate platform expansion and keep pace with demand from existing and prospective customers.

Dan O’Malley, CEO, Numerated, says: "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."

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