Numerated adds new secure lending features to its digital lending platform for banks and credit unions
Financial institutions like Banc of California now benefit from a single digital lending platform for unsecured and secure business lending products
BOSTON, August 04, 2021– (BUSINESS WIRE) – Numerated, the fast-growing fintech that makes business banking easier for financial institutions and their clients, has added new secure lending features to its digital lending platform to simplify lending to companies guaranteed by specific guarantees.
The new capabilities build on Numerated’s existing business lending solutions, providing banks and credit unions with a single digital lending platform for both secured and unsecured loans and lines of credit. Financial institutions can now use the Numerated platform to automate the demand-to-close loan processes for their business loan products, including those backed by specific guarantees such as equipment and inventory .
“Although banks and credit unions know us primarily for our small credit automation work, like the 5 minute small business loan, they have always asked us to support the management of their larger business loans and more complex through the platform, ”said Dan O’Malley. , co-founder and CEO of Numerated. “I am delighted to offer them a new set of secured loan features, such as the automation of collateral analysis, to make their secured loans more effective. “
Numerated is a digital lending platform for business banking services that dramatically reduces the burden on financial institutions and their customers using data. Banks and credit unions use Numerated to make their business loans more efficient and to provide convenient digital channels to their customers.
Banc of California, a leading commercial and investment bank with over $ 8 billion in assets and 36 offices, is one of many institutions using Numerated for their business loans.
“Numerated’s platform has enabled Banc of California to improve relationships with small business clients by providing an automated solution that streamlines the credit process. We are delighted to offer equipment loans to small businesses by leveraging Numerated’s new collateral capabilities, ”said John Sotoodeh, Chief Operating Officer of the California Bench Officer.
New secure lending features on the Numerated platform include:
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Support for the taking of liens on specific assets, allowing financial institutions to take stronger positions on the collection of collateral details
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Automate collateral analysis to speed up reviews, including debt service coverage calculations and working capital analysis
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Convenient digital application and ready-to-execute closing packages for equipment and vehicle financing and working capital lines of credit
Numerated is making it easy to deploy its digital lending platform for banks and credit unions, with best-practice launch models that accelerate lender time to value. To date, over 30,000 financial institution associates and 400,000 businesses have used Numerated to process $ 50 billion in loans.
To learn more, visit www.numerated.com.
About numbered
Numerated is the fast growing fintech that makes business banking easier for financial institutions and their customers. Banks and credit unions use Numerated’s digital lending platform to meet business expectations for digital convenience and to drive efficiencies for their internal teams. The platform is unique in its use of data to streamline the origin of any commercial banking product, from request to close decision. More than 400,000 businesses and 30,000 associates of financial institutions have used Numerated to process $ 50 billion in loans. The company was recently recognized as one of the 250 Best FinTechs of 2020 by CB Insights and the Best Business Lending Company of 2021 by FinTech Breakthrough.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210804005100/en/
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