Digital Lending Platform Numerated Adds Automated Lending Features

Numerated, a four-year-old FinTech digital lending platform, has added new features to automate processes for business lending products, the company announced on Wednesday (Aug. 4).

The Boston-headquartered startup provides its bank and credit union (CU) customers with a single digital lending platform for both secured and unsecured loans and lines of credit. Numerated customers can now use the company’s platform to automate lending throughout the process – from application to decision to close – for the company’s loan products, including those guaranteed by specific collateral such as equipment and inventory.

The digital lending platform for business banking strives to limit work for financial institutions (FIs) and their customers through the use of data. To date, more than 30,000 FI associates and 400,000 businesses have used Numerated to process $50 billion in lending, according to the company.

As PYMNTS reported previously, Estonia-based Modularbank is another provider working to make banking more seamless. The company incorporates an application programming interface (API) into its banking technology, which FIs and non-financial businesses can integrate into existing infrastructures to create their own range of financial services. The company last year secured $4.85 million in funding to help broaden its customer base throughout Europe and the U.K.

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Some of the new secured features on the Numerated platform include a digital application and pre-filled closing packages for equipment and vehicle financing and working lines of credit, support for assessing liens on specific assets, and collateral analysis automation for faster reviews, including debt service coverage calculations and working capital evaluations. These new features were added in response to requests from its customers, the company said.

“While banks and credit unions know us primarily for our work automating small credits, like the five-minute small business loan, they have consistently asked us to support running their larger, more complex business loans through the platform,” said Dan O’Malley, co-founder and CEO of Numerated. “I’m excited to offer them a new set of secured lending features like collateral analysis automation to make their secured lending more efficient.”