Bank technology company Numerated has secured $15m in a Series B round, bringing the capital raised by the firm till date to $32m.
The round was led by Patriot Financial Partners, with the company’s existing investors Venrock, FINTOP Capital and Hyperplane also participating.
Numerated plans to utilise the new investment to expand its business further and leverage Patriot Financial Partners’ banking domain expertise to improve its services.
The company uses machine learning and artificial intelligence to help banks improve profitability and customer relationships.
Initially, it was developed as a unit under Eastern Bank’s financial technology incubator, Eastern Labs. However, Numerated launched as an independent company in 2017.
The company utilises its technology to pre-qualify businesses for a bank’s offerings.
The Boston-based firm also assesses banks’ transactions to identify relationship expansion opportunities and build customer base.
Currently, Numerated applies its data science to more than 1.4 billion bank transactions.
Numerated founder and CEO Dan O’Malley said: “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.
“Growth banks have realised 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.”