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Numerated

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PPP
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PPP
Updated
  • Type: Bank-facing commercial lending and loan-origination software company.
  • Legal entity: Numerated Growth Technologies, Inc.
  • Founded / spun out: Technology originated inside Eastern Bank's Eastern Labs; Numerated spun out as an independent company in 2017.
  • Founder / CEO: Dan O'Malley, former Eastern Bank chief digital officer and Eastern Labs lead.
  • Pandemic role: PPP origination, SBA E-Tran automation, and forgiveness workflow software for banks and credit unions; not a PPP lender of record and not a borrower-facing marketplace.
  • Current status: Acquired by Moody's Corporation on November 21, 2024 and integrated into Moody's Lending Suite. Deal terms were not disclosed.

Role in pandemic relief

  • Reader shorthand: PPP workflow-software vendor for regulated lenders.
  • What Numerated did for borrowers: gave bank and credit-union customers digital borrower intake, document collection, self-service, and status workflows that made PPP applications less branch- and email-dependent.
  • What Numerated sold to other companies: software that helped lenders prefill applications, submit to SBA through E-Tran API integration, generate loan packages, board loans to core systems, and later process PPP forgiveness.
  • Where responsibility sat: participating banks and credit unions remained the lenders of record and held the SBA guarantee relationship. Numerated supplied the operating system behind their workflows.

Before the pandemic

Numerated began as a lending-automation product inside Eastern Bank's innovation unit. American Banker reported in 2017 that Eastern spun out Numerated Growth Technologies with backing from FIS, community banks, Venrock, and Cultivation Capital FinTech Fund. The report said the software had already been used to generate nearly $100 million in Eastern Bank small-business loan volume. The original product promise was rapid small-business underwriting against a bank's own credit policy, plus marketing tools that helped bankers find eligible prospects.

Its Series B announcement said the company had raised $15 million in the new round, bringing total venture capital raised to $32 million, and that its customer banks represented more than $150 billion in aggregate assets. The same release described the platform as applying data science to more than 1.4 billion bank transactions and supporting business banking and commercial lending products.

During the pandemic

Numerated's March 26, 2020 pitch to banks described the program in one line: the stimulus "compensates banks for distributing up to $349 billion in capital to businesses in the form of fully guaranteed loans."1 The banks were paid to lend. Numerated sold them the software to do it faster. The same post told lenders that "every one of your customers will apply for a CARES Act loan by June 30, 2020."1 A launch, its PPP page said, required "only a financial institution's logo and SBA E-Tran credentials."2

The lenders stayed the lenders of record. That separates Numerated from Womply, Blueacorn, Lendio, Kabbage and Biz2Credit, whose PPP roles turned on borrower-facing portals, lender-of-record economics, partner banks, agent or referral compensation, or consumer-protection claims.

The seller was small. The company's blog described "a 55-person company" moved to remote work "in just over 24hrs" that March.3 The same post said the chief executive was interviewed on April 17, "just hours after the first round of PPP funding had run dry." By then, it said, banks on the platform had put more than $7.5 billion into more than 50,000 small businesses "in basically a week's time."3 Its May 20 release raised the count to more than 70 banks and credit unions, $16 billion, and more than 170,000 businesses with 2.2 million employees. Its headline called that 5% of all PPP loans, and the release launched its forgiveness automation.4 Hugh Queener, Pinnacle Bank's chief administrative officer, said in the release that his bank had disbursed $2.4 billion to more than 14,000 businesses in five states.4

By December 17, 2020, Numerated said more than 25,000 bank and credit-union employees had used it to process more than $34 billion for more than 250,000 small businesses and 2.3 million paychecks. It said its SBA connection had at its peak approved "three PPP loans every second at a rate of $250 million per hour."5 Its forgiveness report of December 14 described a sample of more than 250,000 loans processed for 100 lenders, representing $34.5 billion.6 Banking Dive, previewing the January 2021 relaunch, described Numerated as having processed more than 250,000 PPP loans worth $34 billion for more than 100 lenders.7 A February 2021 company post put all earlier PPP lending at more than $520 billion.8 The $34.5 billion is 6.6% of that figure.

Forgiveness was the second product, and one customer's earnings release shows what forgiveness meant for a lender's income. At the end of 2020 Lakeland Financial's Lake City Bank had 2,409 PPP loans, representing $570.5 million in loan balances. Its January 2021 release said the company had "introduced a Fintech solution through a partnership with Numerated to manage the PPP loan portfolio."9 The same release reported $12.8 million in PPP interest and fees for 2020 and explained that fee income "can be accelerated upon borrower forgiveness and repayment by the SBA." Fourth-quarter PPP interest and fees rose to $6.5 million from $3.3 million in the third quarter, "due to PPP loan forgiveness approvals from the SBA."9 Flushing Financial's 2022 proxy statement said it had expanded its use of the Numerated platform, "which we used for Paycheck Protection Program."10

When PPP reopened on January 11, 2021, Numerated said more than 100 lenders were live, although the SBA's revised borrower forms had arrived only the Friday night before.11 Rick Kraemer of Valley National Bank said in Numerated's January 26 release that the software let the bank use "less than a quarter of the internal resources compared to earlier rounds of PPP."12

The company's August 17, 2021 release said it had helped lenders "facilitate more than $50B in Paycheck Protection Program loans, reaching more than 700,000 small businesses." The boilerplate at the foot of the same release said "more than 400,000 businesses" had used Numerated to process $50 billion in lending.13 Its November 2021 forgiveness report counted more than 469,000 PPP loans worth nearly $57 billion.14 The December 2021 Fincura acquisition release said 500,000 businesses; releases in May and August 2022 said 400,000 again.151617

Numerated Growth Technologies' only SEC filings are three Form D offering notices, filed in 2017, 2018 and 2019.18 The Boston Business Journal ranked Numerated first on its 2022 Fast 50, a list the company's release said was based on revenue growth from 2018 to 2021, and Deloitte's 2022 Technology Fast 500 credited it with 5,887 percent growth.1619 In August 2021 its chief executive, Dan O'Malley, said the company was "investing tens of millions of dollars into our technology."13

Notes

  1. Numerated, "Launch Automated CARES Act Lending in Days" (March 26, 2020) — original: https://www.numerated.com/ngtblog/launch-automated-cares-act-lending-in-days ↩
  2. Numerated, "PPP Lending & Forgiveness Automation" product page (May 2020) — original: https://www.numerated.com/platform/cares-act-ppp-lending ↩
  3. Numerated, "VIDEO: Talking Paycheck Protection Program with Square Co-Founder Jim McKelvey and FINTOP Capital's Joe Maxwell" (May 6, 2020) — original: https://www.numerated.com/ngtblog/square-fintop-numerated-ppp-interview ↩
  4. Numerated, "Numerated Launches Forgiveness Automation After Partnering with 70+ Banks to Originate 5% of Paycheck Protection Program Loans" (May 20, 2020) — original: Numerated, "Launches Forgiveness Automation After Partnering with 70+ Banks to Originate 5% of PPP Loans" (original: numerated.com · stored capture) ↩
  5. Numerated, "Numerated to Fully-Automate the Next Round of Paycheck Protection Program Lending" (December 17, 2020) — original: https://www.numerated.com/ngtblog/numerated-fully-automate-next-round-paycheck-protection-program-lending-announces-new-features-48hrs-launches-banks-credit-unions ↩
  6. Numerated, "Paycheck Protection Program Loan Forgiveness Data — Week of Dec. 14" (December 14, 2020) — original: https://www.numerated.com/ngtblog/numerated-paycheck-protection-program-loan-forgiveness-data-12142020 ↩
  7. Banking Dive, "Banks embrace automation, white-label options ahead of PPP relaunch" (January 8, 2021) — original: Banking Dive, banks embrace automation before PPP relaunch (original: bankingdive.com · stored capture) (no copy on the site; line carried over from the existing section) ↩
  8. Numerated, "Lenders' Rapid Response to PPP Sets Next Stage for Banking" (February 11, 2021) — original: https://www.numerated.com/ngtblog/lenders-rapid-ppp-response-sets-bankings-next-stage ↩
  9. Lakeland Financial Corp., Form 8-K Exhibit 99.1, fourth-quarter 2020 earnings release (January 25, 2021) — original: https://www.sec.gov/Archives/edgar/data/721994/000110465921006869/tm213924d1_ex99-1.htm ↩
  10. Flushing Financial Corp., DEF 14A proxy statement (April 7, 2022) — original: https://www.sec.gov/Archives/edgar/data/923139/000119312522098567/d266844ddef14a.htm ↩
  11. Numerated, "Lenders Using Numerated Are Live and Accepting New PPP Loan Applications" (January 11, 2021) — original: https://www.numerated.com/ngtblog/lenders-using-numerated-are-live-and-accepting-new-ppp-loan-applications ↩
  12. Numerated, "COVID-19 is Digitally Transforming Commercial Lending" (January 26, 2021) — original: https://www.numerated.com/ngtblog/covid19-digitally-transforming-commercial-lending-banks-see-mass-adoption-businesses-applying-paycheck-protection-program-loans-online ↩
  13. Numerated, "Numerated Ranks No. 32 on the 2021 Inc. 5000" (August 17, 2021) — original: https://www.numerated.com/ngtblog/numerated-ranks-no.-32-on-the-2021-inc.-5000 ↩
  14. Numerated, "Paycheck Protection Program Loan Forgiveness Data — October 2021" (November 1, 2021) — original: https://www.numerated.com/ngtblog/numerated-paycheck-protection-program-loan-forgiveness-data-october21 ↩
  15. Numerated, "Numerated acquires Fincura" (December 7, 2021) — original: https://www.numerated.com/ngtblog/numerated-fincura-acquisition ↩
  16. Numerated, "BBJ: Numerated is the Fastest-Growing Private Company in MA" (May 23, 2022) — original: https://www.numerated.com/ngtblog/2022-bbj-fast-50 ↩
  17. Numerated, "Numerated Named the Fastest-Growing Fintech SaaS Platform by Inc. Magazine" (August 16, 2022) — original: https://www.numerated.com/ngtblog/numerated-ranks-no.-65-on-the-2022-inc.-5000 ↩
  18. SEC EDGAR submissions index, Numerated Growth Technologies, Inc., CIK 1705349 — original: https://data.sec.gov/submissions/CIK0001705349.json ↩
  19. Numerated, "Numerated Ranks Number 29 on the 2022 Deloitte Technology Fast 500" (November 17, 2022) — original: https://www.numerated.com/ngtblog/numerated-ranks-on-the-2022-deloitte-technology-fast-500 ↩
  20. Moody's Corporation, Form 10-K for fiscal 2024 (February 14, 2025) — original: https://www.sec.gov/Archives/edgar/data/1059556/000105955625000025/mco-20241231.htm ↩

Government support / loans

We found no PPP-related enforcement action against Numerated or Dan O'Malley in the public record.

No PPP borrower record matching Numerated, NUMERATED, or Numerated Growth appears in SBA's public PPP data.

Numerated's direct government-program interaction was operational: its software integrated with SBA's E-Tran system on behalf of lender customers. The lender customers, not Numerated, were the SBA lenders of record and recipients of SBA processing fees. Numerated's pandemic economics were private software/service revenue from financial institutions.

After PPP

Numerated used the post-PPP period to move deeper into commercial loan origination and underwriting automation. In December 2021 it acquired Fincura, adding financial spreading and analysis capabilities to its digital loan origination system. The Fincura release said more than 500,000 businesses and 30,000 financial-institution associates had used Numerated to process more than $50 billion in lending.

In January 2024, Numerated and Moody's Analytics announced a partnership to combine Numerated's front-office, process, and loan-operations automation with Moody's credit assessment, underwriting, and monitoring expertise inside Moody's Analytics Lending Suite.

On November 21, 2024, Moody's Corporation announced that it had acquired Numerated Growth Technologies. Moody's said the acquisition built on the January partnership and would integrate Numerated into Moody's Lending Suite as part of a full loan-origination workflow. The release said financial institutions with a combined $3 trillion in assets used Numerated and that, since inception, more than 500,000 businesses and 30,000 financial-institution associates had used the platform to process more than $65 billion in lending. Moody's disclosed no purchase price and said the transaction was not expected to have a material impact on Moody's 2024 financial results. Moody's 2024 annual report put a $218 million rise in cash paid for acquisitions down "primarily" to Numerated and two other 2024 purchases, GCR and Praedicat, and its goodwill note listed all three among "certain immaterial acquisitions."20

The public record does not support a claimed dollar value for the sale.

Current posture

Numerated operates as part of Moody's Lending Suite. A September 2025 Engageware announcement for Dan O'Malley's later CEO role described Numerated as an AI-driven SaaS platform used by banks and credit unions to originate and manage more than $70 billion in commercial lending. The announcement said that before its 2024 acquisition by Moody's, Numerated served financial institutions representing nearly $4 trillion in assets.

O'Malley left the Numerated/Moody's role and became CEO of Engageware in 2025.

  • Dan O'Malley — co-founder and CEO
  • Lendio — marketplace/referral agent, not lender of record
  • Biz2Credit — vertically integrated fintech lender plus lending-software platform
  • Womply — borrower-facing PPP processor/agent model
  • Blueacorn — borrower-facing PPP lender-service-provider model

Sources

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