Numerated today announced a strategic investment from Citi. Citi will also engage Numerated to provide its financial spreading solution for the bank’s enterprise lending operations.
Numerated is a modular commercial lending platform delivering highly efficient experiences to any or all parts of the credit process.
Financial institutions face the challenge of managing vast amounts of data efficiently. The transition from traditional Excel-based processes to an automated platform is set to revolutionize the way financial statement data capture is conducted, streamlining operations, and enhancing accuracy.
Citi made the investment through its Markets Strategic Investments unit.
“Investing in Numerated underscores our dedication to driving innovation on a global scale,” said Katya Chupryna, Director at Citi’s Markets Strategic Investments unit. “We witnessed first-hand their innovative approach to commercial lending, enabling financial institutions to exceed borrower efficiency and convenience.”
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One of the key benefits of implementing Numerated is the significant reduction in the time required for financial spreading and analysis, with processing times slashed from days to hours with the help of AI. This improvement in speed not only enhances operational efficiency but also enables banks and alternative lenders to have a full audit trail of data and produces granular trends of the underlying risk factors of its current clients and prospective borrowers.
The Numerated platform’s ability to process data from diverse private company financial statement formats, including handwritten notes, Excel documents, PDFs and other formats commonly used by business owners, showcases its adaptability and versatility. Through advanced machine learning algorithms, Numerated ensures that the data is accurately captured, normalized and consistently presented, regardless of its original format. That data can then be used efficiently for various use cases after proper validation by an employee.
“We are elated to be selected by Citi as a provider for its lending technology suite,” said David O’Malley, President at Numerated. “This signifies not only an investment in our technology but also a testament to the confidence Citi has in our capabilities.”
“Our global partnership with Numerated shows our commitment to investing in modern enterprise lending solutions as well as better understanding our customers,” said Mike Hershkowitz, Head of Wholesale Lending Product Management at Citi.
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