As Numerated Turns 3, a Look Back On an Unpredictable Year

Sal Trifilio

April 17, 2020

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It was three years ago today that Numerated was founded. As we get ready to celebrate this annual milestone—remotely, of course, in the age of COVID-19—many in our company are reflecting on the last twelve months.

This past year was a remarkable one for Numerated, if not unpredictable. With everything in the world feeling a little more hectic and crazy these days, especially here at Numerated, it can be hard to remember all the events from the past week, let alone the previous 52.

And, in the time since we last celebrated our company’s birthday, a lot has happened. We achieved SOC2 certification and recertification. We raised a $15M Series B, led by Patriot Financial Partners. And we worked closely with customers to evolve our platform from a point solution for small business lending into a digital front end for the full suite of business banking products.

These tireless efforts were recognized by the industry on more than one occasion. This includes FinTech Breakthrough recognizing Numerated as the Best Overall FinTech Software in 2020, and Barlow Research selecting us for the coveted Monarch Award of Most Innovative Industry Partner. It’s been humbling to say the least.

The last year has been one of growing momentum, and as a team we were excited and prepared to build off our success in the new year.

But no one could predict what lay ahead.

Like most, Numerated has been profoundly affected by the coronavirus pandemic. Our ability to adapt, however, is a testament to the company and culture we’ve built.

That culture starts by looking out for one another. In early March, when signs first started to point toward pandemic and “flattening the curve” had not yet become a colloquialism, our leadership team moved quickly to implement a mandatory work-from-home policy—one I abide by to this day, as I write this from my home office. Their early and decisive action has helped keep Numerators safe and healthy.

But our culture has always extended beyond Numerated’s walls. As our CEO pointed out in an open letter reflecting on Numerated’s 2nd birthday, “Numerated has given everyone involved in its success a chance to improve an industry that needs it, while knowing we are helping others who are committed to doing the same.”

When it became clear that Congress would act to help save small businesses, we understood that there was a potentially important role for us to play. When nearly every single one of our current customers asked us for help with the coming Paycheck Protection Program, we knew there were other banks and credit unions out there that would need our help as well.

The last month has been a whirlwind to say the least.

Working with former heads of the SBA and CFPB, congressional legislators, and other industry experts, our team began tracking the Coronavirus Aid, Relief, and Economic Security (CARES) Act while it was still just a draft. As the legislation began to take shape, we were able to realize the magnitude of the problem—not only would our platform need to support 100x its annual loan volume, but banks would be faced with this same scaling challenge.

While our platform supports 10 business banking products, including SBA 7(a) loans, our team would still need to modify the platform to accommodate this new PPP loan product. In a week, with formal and back-channel guidance coming in daily, and amid announced and unannounced changes to the PPP, our team met the moment.  

Working to launch a fully-automated digital lending solution for PPP loans in such a short period of time has been a herculean effort that’s required coordination across every aspect of our organization—from marketing and sales to implementations and engineering, and every team in between. And it has been an effort that has had to be coordinated entirely remotely.

As a company that has always prioritized work-life balance, 20 hour work days are not a part of our standard operating procedure. But moments of crisis like these require unique and concerted responses. We understood what is at stake and how small businesses would fare without our technology helping banks accelerate these loan approvals.

And with all that in mind, we stepped up and so too have our customers—banks and credit unions that have also been working around the clock to understand and address a rapidly changing landscape. Together, the industry sent more than 14 years worth of loan applications to the SBA in a matter of just 14 days. This tweet from Eastern Bank’s Chairman and CEO of Bob Rivers, showing bankers pushing loans through our platform on Easter Sunday, is one of countless examples of how hard financial institutions have been working.

It’s been a grueling few weeks, but our team’s response in partnership with our bank customers has been inspiring, and we look forward to sharing more about this effort in the coming days. While it’s impossible to know what the weeks and months ahead will bring, I know that Numerated and the institutions we have partnered with will rise to the occasion.

The last year and these last few months in particular, have been unpredictable. But, in the face of all of this, our team has consistently been able to rally to serve our customers. And that is worth celebrating.

Happy 3rd Birthday, Numerated!

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