Financial institutions like Banc of California are now benefitting from a single digital lending platform for unsecured and secured business lending products
BOSTON (August 4, 2021)— Numerated, the fast-growing fintech making business banking easy for financial institutions and their clients, has added new secured lending features to its digital lending platform to take the work out of business lending secured by specific collateral.
The new capabilities add to Numerated’s existing business lending solutions, providing banks and credit unions with a single digital lending platform for secured and unsecured loans and lines of credit. Financial institutions can now use the Numerated platform to automate lending processes from application to decision to close for their business lending products, including those secured by specific collateral such as equipment and inventory.
“While banks and credit unions know us primarily for our work automating small credits, like the 5-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.”
Numerated is a digital lending platform for business banking that dramatically reduces work for financial institutions and their clients by using data. Banks and credit unions use Numerated to make their business lending more efficient and to offer convenient digital channels to their clients.
Banc of California, a leading commercial and business bank with over $8 billion in assets and 36 offices, is one of several institutions using Numerated for their business lending.
"Numerated’s platform has enabled Banc of California to enhance relationships with small business clients by providing an automated solution that streamlines the credit process. We are excited to offer equipment lending for small businesses by leveraging Numerated’s new collateral capabilities,” said John Sotoodeh, Chief Operating Officer of Banc of California.
New secured lending features on the Numerated platform include:
- Support for taking liens on specific assets, allowing financial institutions to take stronger positions on collateral detail collection
- Collateral analysis automation to speed reviews, including debt service coverage calculations and working capital analysis
- Convenient digital application and execution-ready closing packages for equipment and vehicle financing and working capital lines of credit
Numerated makes deployment of its digital lending platform simple for banks and credit unions, with best practice launch templates that speed lender time to value. To date, more than 30,000 financial institution associates and 400,000 businesses have used Numerated to process $50 billion in lending.
To learn more, visit www.numerated.com.
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About Numerated
Numerated is the fast-growing fintech making business banking easy for financial institutions and their clients. Banks and credit unions use Numerated’s digital lending platform to meet business expectations for digital convenience and to bring efficiency gains to their internal teams. The platform is unique in its use of data to streamline the origination of any business banking product, from application to decision to close. More than 400,000 businesses and 30,000 financial institution associates have used Numerated to process $50 billion in lending. The company was recently recognized as one of 2020’s Top 250 FinTechs by CB Insights and 2021’s Best Overall Business Lending Company by FinTech Breakthrough.
Media Contact
Sal Trifilio
(781) 473-0690
sal@numerated.com
