Former financial institution (FI) Independent Bank is partnering with FinTech startup Numerated to advance commercial digital lending operations in Michigan.
Senior Vice-President of the Independent Bank Marc judge said in an e-mailed press release to PYMNTS that the FI is still looking for ways to “increase lending efficiency and better service for Michigan businesses.” He added that with Numerated as a partner, Independent can offer local businesses enhanced services with “faster response times to a traditionally longer business loan application process.”
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Independent Bank is a $ 4.5 billion community financial institution that was originally founded as the First National Bank of Ionia in 1864. The lender has over 60 locations in Michigan’s Lower Peninsula, which will have all access to Numerated’s digital lending platform and extended digital channels.
Numerated, which launched in 2017 in Boston, Massachusetts, aims to streamline and facilitate business banking processes using data. The startup has processed more than $ 50 billion in loans for more than 140 lenders and more than 400,000 companies.
“As a recognized leader, Independent Bank understands that putting business customers first means providing them with the digital experiences they expect,” said Dan O’Malley, Co-founder and CEO of Numerated.
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The collaboration between the two entities gives Michigan small businesses the ability to apply to Independent Bank for lines of credit and loans anywhere, any time of the day. The Numerated platform extracts data to “streamline every step of lending”: pre-populate applications, aggregate data for review, and automate document sets.
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Numerated’s platform supports commercial, industrial, and SBA loans, as well as corporate deposit accounts. FinTech uses data to help streamline the creation of any business banking product. The platform has been used by more than 30,000 bank associates to process $ 50 billion in loans.
Independent Bank Corporation offers commercial banking services, mortgages and investments, and trades on the Nasdaq under the symbol IBCP.