New platform will automate the once manual task of aggregating and analyzing financial data
NEW YORK, NY / ACCESSWIRE / June 13, 2023 / Grasshopper, the client-first digital bank built for the business and innovation economy, today announced a partnership with Numerated, an innovative provider of digital business lending solutions, to integrate a financial spreading tool for the bank's credit team to automate the process of aggregating and analyzing financial data.
Automated spreading reduces the time it takes to spread and process documents, which accelerates loan underwriting and provides banks with the ability to better assess risk. With Numerated's automated spreading platform, Grasshopper will improve its commercial loan origination and portfolio maintenance and auto-spreading for financial statements. As underwriting business loans is often tedious and can lead to delays in loan funding, this integration improves Grasshopper's ability to deliver an exceptional customer experience.
Another key feature of the partnership is that Grasshopper will leverage AI capabilities to spread and analyze small business customers' financial statements, resulting in time savings from having to manually input this data into the bank's models. With this solution, Grasshopper can reduce the spreading process from hours to just minutes, leading to faster turnaround times for its customers.
"Integrating technology that saves time, increases efficiency, and allows our team to better serve customers is a key objective for Grasshopper," said Russell Jacobson, Grasshopper's head of credit administration. "Our partnership with Numerated accomplishes this goal by automating what was previously a lengthy, manual stage of the financial data analysis process. This will create faster turnarounds for our customers and free up our team to provide personalized service and analysis."
Numerated's Digital Underwriting solution makes spreading the most complex financial statements easy by leveraging artificial intelligence and a sleek user interface. Grasshopper's current clients and future prospects will benefit from this integration, as it expedites the bank's ability to structure, analyze, and export prudent financial data. The financial spreading tools will provide the infrastructure to scale risk and financial analysis capabilities more easily as Grasshopper's client base grows.
"Through Numerated and Grasshopper's shared vision for the future of lending, business owners can now more easily access capital, faster," said Dan O'Malley, CEO and co-founder of Numerated. "We're excited to partner with them to leverage AI to help solve such a critical piece of the loan underwriting process with our digital underwriting solution."
About Grasshopper Bank
With total assets of over $700 million, Grasshopper is a client-first digital bank serving the business and innovation economy. Grasshopper replaces the traditional one-size-fits-all approach to banking with a suite of products and services tailored to specific industries, and a passionate team of experts with deep expertise in their fields. Grasshopper's banking solutions cover small business, venture-backed companies, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, SBA lending, commercial real estate lending, and yacht financing. Headquartered in New York City, the bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For more information, visit the bank's website at www.grasshopper.bank or follow on LinkedIn and Twitter.
Numerated transforms the way financial institutions lend to businesses. Banks and credit unions use Numerated's modern business lending solutions to exceed businesses' expectations for digital convenience while driving significant gains in efficiency. The platform uses data to streamline originations and underwriting for any business banking product, from application to decision to close. More than 400,000 businesses and 30,000 financial institution associates have leveraged the platform to process over $50 billion in lending, making Numerated the fastest growing fintech SaaS company on the 2022 Inc. 5,000.
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