upSWOT and Wipro partner on digital banking tools
Fintech upSWOT, which offers data analytics for small businesses, will partner with Wipro, a technology consulting and services company, to add digital banking tools for small businesses, according to a press release.
It will allow banks to access upSWOT’s Business Health Dashboard to meet funding needs. The dashboard can collect data from over 150 common small business applications, including accounting, enterprise resource planning (ERP), payroll, e-commerce, 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 businesses’ permission so that credit bureaus can add to businesses’ credit scores. This could lead to more loans and better interest rates.
The partnership will also come with an actionable insights generator, which can use various data streams to generate insights, helping the company take 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 on six continents,” the statement said this type of presence will help bring the technology to small businesses.
“Small and medium-sized businesses are in trouble,” upSWOT CEO Dmitry Norenko said. “Yet they have all the ingredients for success – if they can just access the tools they need to take charge of their own financial future. Our partnership with Wipro aims to give banks the ability to offer these companies the financial power that does the heavy lifting for them.
See also: upSWOT Raises $4.3M for Small Business Banking Aid
PYMNTS writes that upSWOT secured a $4.3 million seed round in March 2021.
The round came with the support of numerous venture capital firms and over 50 prominent angel investors and industry operators.
The report says the funding has helped SWOT strengthen its footprint in the United States and continue to hire staff to help with deployments at financial institutions.