Numerated acquires fellow fintech Fincura
Numerated, a financial Software-as-a-Service (SaaS) company, has acquired fellow fintech Fincura Inc. Fincura’s automated spreading and financial analysis tools will be integrated into Numerated’s digital loan origination system.
Both companies were founded in 2017 in Boston, US.
Fincura says it was “created by commercial bankers who were frustrated with the traditional processes used to analyse the finances of businesses applying for credit”, which comprise manual work and legacy technology.
Its automated solution enables analysis “in minutes instead of hours”, according to the vendor, as it combines optical character recognition (OPR), artificial intelligence (AI), and an intuitive banker interface with “years of extensive experience analysing billions of dollars in financial statements”.
Numerated CEO and co-founder Dan O’Malley describes the acquisition as a “major milestone on our journey to building the future of business banking”.
To date, Numerated’s flagship offering has been used by 500,000 businesses and 30,000 financial institution associations in the US to process over $50 billion in lending, the company says. Among these are Bremer Bank, Dollar Bank, Eastern Bank, MidFirst Bank, People’s United Bank, and Seacoast Bank.