Spinning Out Isn’t Simple: The Inside Story of How Eastern Bank Launched a Lending Startup
Plenty of big companies working on new business ideas talk about the potential for spinning them out. What better way to give a fledgling concept the freedom and flexibility to develop into something substantial?
But few actually follow through and do it.
So when Eastern Bank announced in May that it would spin out a company called Numerated Growth Technologies, we got in touch with Dan O’Malley to hear about how it happened. O’Malley, an entrepreneur and former Capital One executive, had joined Eastern Bank in 2014 to create an innovation group, Eastern Labs. He also took on the mantle of Chief Digital Officer at Boston-based Eastern, the largest and oldest mutual bank in the country, with about $10 billion in assets. (We’d previously written about O’Malley and Eastern Labs in 2015.)