Mastercard and upSWOT introduced an open banking partnership this week.The collaboration will allow upSWOT’s small enterprise prospects 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 shoppers by offering them with actionable insights and simpler entry to capital. Courtesy of Mastercard’s open banking platform and companies delivered by way of its subsidiary Finicity, the partnership will deliver open banking capabilities to upSWOT’s platform. It will allow SMEs on upSWOT’s platform to attach owner-permissioned monetary information to 200 API-enabled apps, offering companies reminiscent of accounting, payroll, e-commerce, CRM, and extra.
“SMBs have lengthy been accepted because the engines of financial development and improvement however at instances are underserved,” upSWOT CEO Dmitry Norenko mentioned. “We imagine that fintech innovation can dramatically reshape the success of SMBs.”
In an announcement, upSWOT and Mastercard mentioned that they are going to promote the brand new joint providing to their prospects and to U.S. banks. The brand new options of the mixed answer embody:
Credit score Increase: Permits companies to share information with credit score bureaus to doubtlessly improve credit score scoresInsights: Analyzes a number of information streams to recommend actions companies can take to enhance operations and profitabilityCash Move Forecasts: Gives 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 companion with upSWOT to make it simpler for monetary establishments to supply their small enterprise prospects the power to profit from their monetary information to make selections, exhibit their means 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 venture in Singapore and with fellow Finovate alum Cion Digital to deliver embedded finance instruments to extra SMEs.
upSWOT has raised greater than $5 million in funding from buyers together with Widespread Ocean Ventures.
Picture by Joe Caltiere
