upSWOT, which helps financial institutions improve services to small and medium enterprises, has bagged $4.3m in its seed round.
The round was led by Common Ocean Ventures, with participation also coming from CFV Ventures, ICBA, First Southern National Bank, SpeedUp Venture Group and previous investors.
In line with the deal, Common Ocean general partner Igor Ulis has joined upSWOT’s board of directors.
In addition to venture firms, a number of angel investors also contributed to the round. Angels included Klarna COO Knut Frangsmyr, Quadpay chief risk and analytics officer Kaustav Das, former American Express EVP and GM David Rabkin, Finastra COO Hannes Liebe, NAV chairman Levi King, SAGE EVP Kerry Agiasotis and more than 50 other financial industry leaders
Capital from the round will be used to expand its footprint in the US, hire more staff to help it support its growing list of clients, and enhance its technology.
The API-driven platform connects, collects and normalises data from more than 120 business software tools SMEs use, including Quickbooks, Xero, Salesforce, Amazon, eBay, Shopify, Freshbooks, Sage and more.
Its tools enable SMEs to track business operations through KPI dashboards, real-time insights and automatic alerts. At the same time, their bank partners receive actionable data to engage and help fuel growth.
upSWOT CEO Dmitry Norenko said, “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.”
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