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Numerated acquires Fincura

Source: Numerated

Numerated, the Inc. 5000’s fastest-growing fintech SaaS company, has acquired Fincura Inc., adding spreading automation and financial analysis to Numerated’s Digital Loan Origination System.

The strategic acquisition expands Numerated’s underwriting capabilities for business loans that require deep financial analysis, improving the experience for lenders and their borrowers, and ultimately saving valuable time while improving the financial institution’s understanding of risk.

Like Numerated, Fincura was founded in 2017—by bankers, for bankers—with the goal of taking the frustration out of traditional spreading processes through the use of data and technology. Fincura’s solution combines Optical Character Recognition (OCR), Artificial Intelligence, and an intuitive lender experience to automate the time-consuming, error-prone process of financial spreading and analysis when underwriting business loans. These capabilities have already been embedded into Numerated’s Digital Loan Origination System and will be available to all customers starting in Q1 2022.

With this acquisition, Numerated users will be able to:

Automatically extract and normalize data from any financial statement or tax return in minutes.
Quickly spread and analyze complex financials with 100 percent accuracy, using a combination of AI and lender controls.
Easily configure and administer spreading templates to ensure underwriting consistency across lenders.

“Numerated was founded on a vision of radically simplifying business banking for financial institutions and their clients through data,” said Numerated CEO and co-founder Dan O’Malley. “And much of that data is buried in financial statements and tax returns—making the process slow for both the financial institution and their business clients. With the Fincura acquisition we simultaneously make progress against two of our fundamental goals: a significantly better borrower experience and reduced work for bankers. This acquisition is another major milestone on our journey to building the future of business banking.”

“Fincura set out to solve a significant problem for financial institutions in helping them rapidly and accurately analyze the finances of a business by creating an awesome loan application experience for the borrower, and trustworthy data for the banker,” said Fincura CEO and co-founder Max Blumenthal. “Joining forces with Numerated makes perfect sense as it combines best-in-class spreading and financial analysis capabilities with a complete and modern business origination platform. Together, we will deliver an unparalleled experience to Numerated and Fincura clients.”

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