Fintech upSWOT, which offers data analysis for small businesses, will be teaming with Wipro, a tech services and consulting company, to add digital banking tools for smaller businesses, a press release said.
It will give banks access to upSWOT’s business health dashboard for addressing finance needs. The dashboard can gather data from over 150 common applications for small businesses, including accounting, enterprise resource planning (ERP), payroll, eCommerce, customer relationship management (CRM), marketing and point of sale (POS).
The platform leverages the data to give businesses more functionality, and the data can be used with permission from the businesses so credit bureaus can add to the businesses’ credit scores. That could lead to more loans and better interest rates.
The partnership will also come with an actionable insight generator, which can use various data streams to generate insights, helping the business with the next steps to improve its operations or finances.
This is available in real time, and without the need for weeks of analysis.
Wipro’s contribution will add “extensive relationships with banks across six continents,” with the release saying this kind of presence will help deliver the technology to smaller businesses.
“Small and medium sized businesses are struggling,” said upSWOT CEO Dmitry Norenko. “Yet they have all of the ingredients for success — if they can just access the tools they need to be in charge of their own financial future. Our partnership with Wipro is about giving banks the opportunity to offer these businesses a financial powerhouse that does the heavy lifting for them.”
See also: upSWOT Raises $4.3 Million Toward SMB Banking Help
PYMNTS writes that upSWOT got a seed round for $4.3 million as of March 2021.
The round came with support from numerous venture capital firms and over 50 prominent angels and industry operators.
The report saids the funding helped upSWOT add to its U.S. footprint and keep hiring staff to help with deployments at financial institutions.
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