Numerated Secures Strategic Investment from Citi to Enhance Offering of AI-Driven Financial Analysis for Commercial Lending
June 20 2024 - 7:45AM
Business Wire
Numerated today announced a strategic investment from Citi. Citi
will also engage Numerated to provide its financial spreading
solution for the bank’s enterprise lending operations.
Numerated is a modular commercial lending platform delivering
highly efficient experiences to any or all parts of the credit
process.
Financial institutions face the challenge of managing vast
amounts of data efficiently. The transition from traditional
Excel-based processes to an automated platform is set to
revolutionize the way financial statement data capture is
conducted, streamlining operations, and enhancing accuracy.
Citi made the investment through its Markets Strategic
Investments unit.
“Investing in Numerated underscores our dedication to driving
innovation on a global scale,” said Katya Chupryna, Director at
Citi’s Markets Strategic Investments unit. “We witnessed first-hand
their innovative approach to commercial lending, enabling financial
institutions to exceed borrower efficiency and convenience.”
One of the key benefits of implementing Numerated is the
significant reduction in the time required for financial spreading
and analysis, with processing times slashed from days to hours with
the help of AI. This improvement in speed not only enhances
operational efficiency but also enables banks and alternative
lenders to have a full audit trail of data and produces granular
trends of the underlying risk factors of its current clients and
prospective borrowers.
The Numerated platform’s ability to process data from diverse
private company financial statement formats, including handwritten
notes, Excel documents, PDFs and other formats commonly used by
business owners, showcases its adaptability and versatility.
Through advanced machine learning algorithms, Numerated ensures
that the data is accurately captured, normalized and consistently
presented, regardless of its original format. That data can then be
used efficiently for various use cases after proper validation by
an employee.
“We are elated to be selected by Citi as a provider for its
lending technology suite,” said David O’Malley, President at
Numerated. “This signifies not only an investment in our technology
but also a testament to the confidence Citi has in our
capabilities.”
“Our global partnership with Numerated shows our commitment to
investing in modern enterprise lending solutions as well as better
understanding our customers,” said Mike Hershkowitz, Head of
Wholesale Lending Product Management at Citi.
About Numerated
Numerated transforms the way financial institutions lend to
businesses, making the process faster and easier. Banks and credit
unions of all sizes leverage Numerated’s digital business lending
solutions to exceed borrower expectations for convenience while
driving significant gains in efficiency. The platform uses data to
streamline originations and underwriting for business lending, from
application to close. More than 500,000 businesses and 30,000
financial institution associates have leveraged the platform to
process over $50 billion in lending, making Numerated the
fastest-growing fintech SaaS company on the 2022 Inc. 5,000. To
learn more about how Numerated is transforming business lending,
visit www.numerated.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240619759719/en/
Numerated Haleigh Dhaou Haleigh@williammills.com
Citi Rekha Jogia-Soni Rekha.JogiaSoni@citi.com