upSWOT, a U.S.-based fintech platform that is seeking to help financial institutions dramatically improve their ability to service Small-Medium Business clients (SMBs), announced on Monday it raised $4.3 million through its seed funding round, which was led by Common Ocean.
Founded in 2019, upSWOT states its technology serves dozens of financial institutions help them to build loyalty and grow engagement among their SMB clients.
“The platform is a white-labeled portal deployed into customers’ private cloud and connected with the online banking application. Using an approach similar to Plaid, SMBs connect their data for continuous, API-enabled access to QuickBooks, Xero, Salesforce, and 120+ other business critical SaaS applications.”
While sharing more details about the fintech’s services, Dmitry Norenko, upSWOT CEO, revealed:
“Managing a portfolio of SMB clients is a challenge for every bank, lender, and servicer. Amidst a global pandemic, the financial industry must find new and innovative ways to support this vital customer segment. Our white-label cloud solution helps leading national and community banks gain granular insights into their SMB customers launched within 6 weeks, and with minimal strain on internal IT or overlap with legacy systems.”
upSWOT then concluded that with the seed funding, it plans to expand its US footprint, continue hiring onshore staff to support a growing list of deployments with Tier 1 and Tier 2 financial institutions, and further enhance the product to widen the competitive advantage gap.