Numerated, a fintech firm that focuses on business banking, has added new features to its digital lending platform.
The move will bolster existing capabilities and will provide the financial institutions with a single platform for secured and unsecured loans and lines of credit.
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Banks and credit unions can automate the lending processes including those secured by specific collateral.
Numerated co-founder and CEO Dan O’Malley said: “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.
“I’m excited to offer them a new set of secured lending features like collateral analysis automation to make their secured lending more efficient.”
The new features include support for taking liens on specific assets and collateral analysis automation. Numerated also added convenient digital application and execution-ready closing packages to the platform.
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By GlobalDataBanc of California, a lender with $8bn in assets, is already using Numerated for business lending.
Banc of California COO John Sotoodeh said: “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.”
The financial institutions use Numerated’s digital lending platform to streamline business lending.
According to the company, around 400,000 businesses and 30,000 financial institution associates have used Numerated to process $50bn in lending.
