Two fintechs that are teaming up to provide digital lending solutions to small to medium-sized businesses have landed partnerships with two banks with a significant presence in Massachusetts.

Boston-based Numerated and Jacksonville-based FIS earlier this week were selected to provide services to Bridgeport, Connecticut-based People’s United Bank, which also has branches in Massachusetts. In a separate partnership announced this week, Numerated was also selected to provide services to Taunton-based Bristol County Savings Bank.

Numerated and FIS will provide a real-time digital lending platform that helps banks further digitize and automate the lending process.

Using powerful data analytics technology, the solution will enables banks to pre-qualify and send personalized loan offers to potential customers. Credit reviews, risk profiling, pricing and loan closing can then all be handled within minutes, delivering a faster loan origination process to qualified small to medium-sized businesses.

“We pride ourselves on our ability to provide customers with a unique value proposition though the integration of technology enhanced by our expert bankers,” Sara Longobardi, senior executive vice president of retail banking at People’s United Bank, said in a statement. “This new digital business lending solution from FIS and its partner Numerated, is the next step in that journey, and reaffirms our commitment to partnering with innovative fintech companies who understand the dynamic needs of our customers.”

With Numerated’s real-time digital lending platform, Bristol County Savings Bank will offer businesses in its communities a fast and convenient way to secure financing. Business owners seeking a loan or line of credit will be able to fill out a short online application, get an instant decision and have their accounts funded quickly.

“We are committed to bringing on products and services that make it easier for businesses to bank locally, quickly and with simplicity,” Patrick J. Murray, president and CEO of Bristol County Savings Bank, said in a statement.

Dan O’Malley, founder and CEO of Numerated, said in a statement he believes the services from Numerated and FIS will help both banks create lasting business relationships.

“We look forward to helping them further this commitment with a simple real-time lending customer experience and modern marketing and sales tools to help the bank address the financing needs of businesses in their community,” he said.

This article has been updated to clarify that Numerated is partnering with Bristol County Savings Bank independently of FIS.

Fintechs Team Up to Provide Services to Massachusetts Banks

by Banker & Tradesman time to read: 2 min