upSWOT, Wipro Team Up on digital banking tools

Fintech upSWOT, which offers data analysis for small businesses, will work with Wipro, a technology company and consulting company, to add digital banking tools for smaller businesses, it says in a press release.

This will give banks access to upSWOT’s occupational health dashboard to meet financial needs. The dashboard can collect data from over 150 common applications for small businesses, including accounting, enterprise resource planning (ERP), payroll, e-commerce, customer care (CRM), marketing and point of sale (POS).

The platform utilizes the data to give companies more functionality, and the data can be used with permission from the companies so that credit bureaus can add the companies’ credit scores. This can lead to more loans and better interest rates.

The partnership will also come with a powerful insight generator, which can use different data streams to generate insight, and help the business with the next steps to improve 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 stating that this type 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 the ingredients for success – if they can only access the tools they need to be responsible for their own financial future. Our partnership with Wipro is about giving banks the opportunity to offer these businesses a financial powerhouse that does. heavy promise for them. ”

See also: upSWOT raises $ 4.3 million for SMB banking assistance

PYMNTS writes that upSWOT received a seed round for $ 4.3 million as of March 2021.

The round came with the support of a number of venture capital firms and over 50 prominent angels and industry operators.

The report says that the funding helped upSWOT increase its US footprint and continue to hire employees to help with placements in financial institutions.