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Mastercard and upSWOT introduced an open banking partnership this week.The collaboration will allow upSWOT’s small enterprise clients to entry actionable insights and extra readily safe financing.upSWOT made its Finovate debut in 2020 and returned to the Finovate stage in 2022 for FinovateFall.
A collaboration between Mastercard and North Carolina-based fintech upSWOT will assist banks higher serve their small enterprise purchasers by offering them with actionable insights and simpler entry to capital. Courtesy of Mastercard’s open banking platform and providers delivered by way of its subsidiary Finicity, the partnership will carry open banking capabilities to upSWOT’s platform. This can allow SMEs on upSWOT’s platform to attach owner-permissioned monetary knowledge to 200 API-enabled apps, offering providers reminiscent of accounting, payroll, e-commerce, CRM, and extra.
“SMBs have lengthy been accepted because the engines of financial development and growth however at occasions are underserved,” upSWOT CEO Dmitry Norenko mentioned. “We consider that fintech innovation can dramatically reshape the success of SMBs.”
In an announcement, upSWOT and Mastercard mentioned that they may promote the brand new joint providing to their clients and to U.S. banks. The brand new options of the mixed answer embody:
Credit score Enhance: Permits companies to share knowledge with credit score bureaus to probably enhance credit score scoresInsights: Analyzes a number of knowledge streams to counsel actions companies can take to enhance operations and profitabilityCash Movement Forecasts: Offers visibility into anticipated money flows utilizing sensitivity evaluation and modeling
Financial institution reconciliation, money administration, enterprise valuation, funding entry, and ecommerce efficiency are additionally a part of the brand new answer’s characteristic set.
“We’re excited to associate with upSWOT to make it simpler for monetary establishments to supply their small enterprise clients the flexibility to learn from their monetary knowledge to make selections, show their skill to handle a mortgage, and run their companies extra effectively,” Mastercard EVP of U.S. Open Banking Andy Sheehan mentioned.
Based in 2019 and headquartered in Charlotte, upSWOT made its Finovate debut at our all-digital convention in 2020. The corporate returned to the Finovate stage final September for FinovateFall. Since then, the corporate has introduced partnerships with Customary Chartered (SC) to launch a pilot mission in Singapore and with fellow Finovate alum Cion Digital to carry embedded finance instruments to extra SMEs.
upSWOT has raised greater than $5 million in funding from traders together with Frequent Ocean Ventures.
Photograph by Joe Caltiere
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