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Venture Capital News: Numerated Receives $15M Series B

BOSTON, MA, Numerated announced today it has closed a $15 million Series B investment.
Numerated, the bank technology company powering the digital transformation of relationship banking, announced today it has closed a $15M Series B investment. The round is led by Patriot Financial Partners, with existing investors including Venrock, FINTOP Capital, and Hyperplane.

Despite a strong economy, 74 percent1 of banks in the United States face a declining number of deposit relationships, commercial lending relationships, or both. Numerated's real-time sales platform is proven to reverse this trend, helping banks attract new customers and expand relationships with existing ones.

"Generating profitable growth and deepening customer relationships are top strategic imperatives for banks amidst increasing competition," said Jerry Plush, Partner at Patriot Financial Partners. "Numerated is uniquely positioned to help banks solve for relationship growth with its technology, vision, and traction with an impressive roster of growth banks."

Numerated applies machine learning and artificial intelligence to data from inside and outside of banks, pre-qualifying businesses for a bank's products and offering these businesses convenient real-time borrowing experiences that provide financing in as few as three minutes.

"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," said Dan O'Malley, founder and CEO of Numerated. "Growth banks have realized that if they want to win business today, they must proactively build relationships and immediately prove their value to customers. We're proud to be providing banks with a modern set of business development tools and real-time customer experiences that empowers bankers to do just this."

Numerated underwrites every business in a bank's market on a daily basis across multiple credit products so bankers know where to spend their time. Additionally, it analyzes a bank's transactions to identify relationship expansion opportunities, such as customers with loans, credit cards, or treasury management services with competitors. Currently it applies its data science to more than 1.4 billion bank transactions.

Numerated's technology was initially developed within and for $11B Eastern Bank and was spun out as an independent company in 2017. In the two years since the spin-out, Numerated has expanded the sales tools in its platform that bankers use to find business development opportunities as well as the number of products it supports to eight business banking and commercial lending products. The funding will be used to further accelerate this platform expansion and keep pace with demand from existing and prospective customers.

"We look forward to benefiting from Patriot Financial Partners' deep banking domain expertise as we continue to deliver on our vision to redefine relationship banking for the digital age," said O'Malley.

This most recent round of investment brings Numerated's total venture capital raised to $32M. Additional prior investors and advisors include the former Administrator of the Small Business Administration and Deputy Director of the Consumer Financial Protection Bureau.

Numerated partners with top relationship banks, with its current customers representing in aggregate more than $150B in assets. To learn how Numerated is helping banks grow relationships, visit

About Numerated

Numerated is the bank technology company powering the digital transformation of relationship banking. Numerated's real-time sales platform helps banks attract and deepen relationships with businesses, arming bankers with modern business development tools and real-time borrowing experiences that win relationships. Numerated partners with top relationship banks, including Eastern Bank where its technology was originally incubated, Bremer Bank, Dollar Bank, MidFirst Bank, Seacoast Bank, People's United Bank, and more.

About Patriot Financial Partners

Founded in 2007, Patriot Financial Partners is a private equity firm based in Radnor, PA focused on investing in community banks, thrifts and financial services related companies throughout the United States. Patriot's objective is to seek superior risk-adjusted returns by applying a hands-on, value-added investment model to non-control investments within the community banking sector. Patriot has expanded its focus to include adjacent niche markets within the financial services sector.
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