Boston-based Numerated, a financial technology company that provides a business loan origination platform for banks and credit unions, has acquired another local fintech that the company said would help reduce work for lenders using the platform.

Numerated said in a statement today that it had acquired Boston-based Fincura Inc., a move that will add spreading automation and financial analysis to Numerated’s Digital Loan Origination System.

“The strategic acquisition expands Numerated’s underwriting capabilities for business loans that require deep financial analysis, improving the experience for lenders and their borrowers, and ultimately saving valuable time while improving the financial institution’s understanding of risk,” Numerated said in the statement.

Fincura uses data and technology for traditional spreading processes by combining optical character recognition (OCR), artificial intelligence and an intuitive lender experience to automate the processes involved with financial spreading and analysis when underwriting business loans, according to the statement.

Numerated said it has already embedded Fincura’s capabilities into the loan origination platform, and the new features will be available starting in the first quarter of 2022.

Numerated said lenders will be able to:

• Automatically extract and normalize data from any financial statement or tax return in minutes.
• Spread and analyze complex financials with 100 percent accuracy, using a combination of AI and lender controls.
• Configure and administer spreading templates to ensure underwriting consistency across lenders.

“Numerated was founded on a vision of radically simplifying business banking for financial institutions and their clients through data,” Numerated CEO and co-founder Dan O’Malley said in the statement. “And much of that data is buried in financial statements and tax returns – making the process slow for both the financial institution and their business clients. With the Fincura acquisition we simultaneously make progress against two of our fundamental goals: a significantly better borrower experience and reduced work for bankers. This acquisition is another major milestone on our journey to building the future of business banking.”

Fincura was founded in 2017 by Max Blumenthal, who is now head of financial analytics strategy at Numerated, and Cody Putre, Numerated’s new head of financial analysis products, according to their LinkedIn profiles.

“Fincura set out to solve a significant problem for financial institutions in helping them rapidly and accurately analyze the finances of a business by creating an awesome loan application experience for the borrower, and trustworthy data for the banker,” Blumenthal said in the statement. “Joining forces with Numerated makes perfect sense as it combines best-in-class spreading and financial analysis capabilities with a complete and modern business origination platform. Together, we will deliver an unparalleled experience to Numerated and Fincura client.”