Legacy financial institution (FI) Independent Bank is partnering with FinTech startup Numerated to advance commercial digital lending operations in Michigan.
First Vice President of Independent Bank Marc Judge said in a press release emailed to PYMNTS that the FI is always seeking ways to “drive lending efficiency and better service for Michigan businesses.” He added that with Numerated as a partner, Independent can offer local businesses improved services with “faster response times to a traditionally longer commercial loan request process.”
See also: Numerated Adds Automated Lending Features
Independent Bank is a $4.5 billion community financial institution that was originally founded as First National Bank of Ionia in 1864. The lender has over 60 locations across Michigan’s lower peninsula, all of which will have access to Numerated’s digital lending platform and expanded digital channels.
Numerated, which launched in 2017 in Boston, Massachusetts, aims to streamline and facilitate business banking processes using data. The startup has processed in excess of $50 billion in loans for over 140 lenders and more than 400,000 businesses.
“As a proven leader, Independent Bank understands that putting business customers first means providing them with the digital experiences they expect,” said Dan O’Malley, Numerated co-founder and CEO.
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The collaboration between the two entities gives Michigan’s small businesses the ability to apply to Independent Bank for credit lines and loans from wherever they are, at any time of day. The Numerated platform pulls data to “streamline each stage of loan origination” — pre-filling applications, aggregating data for review and automating document packages.
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Numerated’s platform supports commercial, industrial and SBA lending, as well as business deposit accounts. The FinTech uses data to help streamline the origination of any business banking product. The platform has been used by over 30,000 banking associates to process $50 billion in loans.
Independent Bank Corporation offers commercial banking, mortgage lending and investments, and trades on Nasdaq under the ticker IBCP.
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