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Prominent Boston fintech firm Numerated recently announced a strategic investment from Citi to enhance its offering of AI-driven financial analysis for commercial lending.

Citi will also use Numerated to provide its financial spreading solution for the bank’s enterprise lending operations. Neither Citi nor Numerated disclosed the dollar value of the bank’s investment.

“Investing in Numerated underscores our dedication to driving innovation on a global scale,” Katya Chupryna, director at Citi’s markets strategic investments unit, said in a statement. “We witnessed first-hand their innovative approach to commercial lending, enabling financial institutions to exceed borrower efficiency and convenience.” 

Numerated claims it can significantly reduce the time required for financial spreading and analysis of current and prospective loans, with processing times cut down from days to hours with the help of artificial intelligence. This company says it can also help banks understand the underlying risk factors in its current clients and prospective borrowers and rapidly made decisions about loan applications. 

“We are elated to be selected by Citi as a provider for its lending technology suite,” David O’Malley, President at Numerated, said in a statement. “This signifies not only an investment in our technology but also a testament to the confidence Citi has in our capabilities.” 

Numerated was created in 2017 after spinning out from Eastern Bank’s in-house tech incubator.