Boston-based fintech Numerated has raised another $15 million in venture capital funds and added Pennsylvania-based Patriot Financial Partners as an investor.

Numerated raised the $15 million through a Series B investment, bringing the total amount of venture funding it’s raised to $32 million, according to a statement released today.

The leading investor was Patriot Financial Partners LP. Based in Radnor, Pennsylvania, Patriot Financial Partners invests in community banks, thrift banks and financial services-related companies in the United States.

“Generating profitable growth and deepening customer relationships are top strategic imperatives for banks amidst increasing competition,” Jerry Plush, Partner at Patriot Financial Partners, said in the statement. “Numerated is uniquely positioned to help banks solve for relationship growth with its technology, vision, and traction with an impressive roster of growth banks.”

Other firms that previously invested in Numerated and also participated in this round include Boston-based Venrock, FINTOP Captial, FIS Global and Hyperplane.

Originally part of Eastern Bank, Numerated was spun off as a fintech company in 2017. Clients include Eastern Bank, Bristol County Savings Bank and People’s United Bank. Business and commercial lending products allow bankers to offer real-time borrowing experiences and identify opportunities to expand customer relationships.

Dan O’Malley, founder and CEO of Numerated, said in the statement that the traditional inbound sales model for growth in banks is broken.

“Growth banks have realized that if they want to win business today, they must proactively build relationships and immediately prove their value to customers,” O’Malley said. “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.”

Fintech Numerated Raises $15M in Series B Funding Round

by Banker & Tradesman time to read: 1 min
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