Fintechs Moven and upSwot Enter Partnership to Serve SMBs

Moven, a firm that enhances virtual banking experiences for banks, credit unions, and fintech, is teaming up with upSWOT, a Fintech platform that allows service providers to support the success of SMB clients with embedded finance tools.

As a result of this collaboration, Moven can scale into serving the SMB marketplace, and access an immense global marketplace for its products.

Via their agreement, upSWOT will further expand the suite of virtual banking solutions that Moven may offer to financial institutions. The upSWOT platform provides embedded business management and embedded finance tools, driven by data processing tech.

As a result of this tech, financial institutions may have their clients connect data from 200 API-enabled apps. These apps reportedly include widely-used accounting, ERP, payroll, e-commerce, CRM, marketing, and POS business applications.

upSWOT CEO Dmitry Norenko said:

“Small businesses are heralding a new world – one in which they are empowered to become more successful despite limited resources by leveraging an incredible diversity of business apps. However, with this incredible richness of technological resource availability comes a new and formidable challenge – how does one combine learnings and analyze information across so many apps?”

Norenko  added:

“Our partnership with Moven will allow more financial institutions to help their SMB customers solve this problem. The solution is incredibly complex on the back-end but incredibly user friendly with easy-to-understand and actionable output. Moven is a company that can lead this change together with upSWOT, and we are proud to work together to ultimately build the financial success of small businesses and their communities.”

Moven’s Head of Sales and Client Success, Talene Shuck, remarked:

“We’re doubly thrilled to be partnering with upSWOT. upSWOT is doing vital and unique work in the flourishing SMB space. And entering this sector with such a formidable partner is a great opportunity. As the digital economy expands and digital natives are finding more avenues to step out on their own, SMB support will be crucial for fintechs and community financial institutions. This partnership is perfectly timed to take advantage of this expanding opportunity.”

Moven will be able to provide financial institutions the option to add upSWOT’s white-labeled financial tools to their online portals.

These tools are supported by this combined data set, and as a result tailored to the SMB’s particular situation.

Here are the embedded finance and embedded business management tools that financial institutions may offer to SMBs as a result of this collaboration:

The credit boost tool allows firms to share data with credit bureau(s), which then boost their credit score as appropriate.

Sharing proprietary data “never” results in a decreased credit score.

  • The insight generator tool cross-analyzes multiple app datastreams to generate specific actions the business can take to improve their operations and profitability. Businesses will also get access to associated real-time analytics.
  • The cash flow forecast tool will give businesses the ability to see their expected cash inflows, and the sensitivity analysis tool will help them understand the future impact of key possible decisions.
  • The bank reconciliation tool auto-posts and categorizes all of the business’s transactions from their bank feed to their accounting app, allowing for rules to be set up to improve accuracy.
  • The cash management tool gives businesses access to all their banking accounts (including accounts in different banks) as well as drill-down into transactions. This tool also aggregates all of the business’s invoices, bills, subscriptions in one place, and provides notification of upcoming amounts due.
  • The business valuation tool gives businesses a valuation and estimate of market value, as well as the numbers and metrics that affect it. Results can also be compared with those of public companies.
  • The funding access tool allows businesses to access credit products tailored to their current needs.
  • The ecommerce management tool connects to POS and ecommerce apps and ensures that every step of the ecommerce transaction is tracked and performed on schedule, and provides sales analytics and insights.
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