Numerated, a US-based lending management tool developer backed by financial technology services provider FIS and financial services firms Eastern Bank and First Federal Lakewood, has raised $15m in series B funding.
The round was led by private equity firm Patriot Financial Partners and included venture capital firms Venrock, Fintop Capital and Hyperplane Venture Capital.
Spun off from Eastern Bank’s incubator in 2017, Numerated provides banking clients with data analytics-driven software that helps them manage their lending portfolios by assessing liquidity markets and pre-qualifying business loan applications.
The technology is powered by machine learning and artificial intelligence algorithms and was first introduced internally within Eastern Bank in 2015.
The series B capital will support the expansion of Numerated’s platform, building on improvements made to the platform’s business development functionality and range of supported products over the past two years.
FIS, First Federal Lakewood and Eastern Bank all took part in Numerated’s inaugural $9m round in mid-2017, which was led by Cultivation Capital FinTech and also backed by Venrock, Hyperplane and Bright FinTech. It added $8m from unnamed backers in November 2018 according to a securities filing.