upSWOT Forges Open Banking Partnership with Mastercard
  • Mastercard and upSWOT announced an open banking partnership this week.
  • The collaboration will enable upSWOT’s small business customers to access actionable insights and more readily secure financing.
  • upSWOT made its Finovate debut in 2020 and returned to the Finovate stage in 2022 for FinovateFall.

A collaboration between Mastercard and North Carolina-based fintech upSWOT will help banks better serve their small business clients by providing them with actionable insights and easier access to capital. Courtesy of Mastercard’s open banking platform and services delivered via its subsidiary Finicity, the partnership will bring open banking capabilities to upSWOT’s platform. This will enable SMEs on upSWOT’s platform to connect owner-permissioned financial data to 200 API-enabled apps, providing services such as accounting, payroll, e-commerce, CRM, and more.

“SMBs have long been accepted as the engines of economic growth and development but at times are underserved,” upSWOT CEO Dmitry Norenko said. “We believe that fintech innovation can dramatically reshape the success of SMBs.”

In a statement, upSWOT and Mastercard said that they will promote the new joint offering to their customers and to U.S. banks. The new features of the combined solution include:

  • Credit Boost: Enables businesses to share data with credit bureaus to potentially increase credit scores
  • Insights: Analyzes multiple data streams to suggest actions businesses can take to improve operations and profitability
  • Cash Flow Forecasts: Provides visibility into expected cash flows using sensitivity analysis and modeling

Bank reconciliation, cash management, business valuation, funding access, and ecommerce performance are also part of the new solution’s feature set.

“We are excited to partner with upSWOT to make it easier for financial institutions to offer their small business customers the ability to benefit from their financial data to make decisions, demonstrate their ability to manage a loan, and run their businesses more efficiently,” Mastercard EVP of U.S. Open Banking Andy Sheehan said.

Founded in 2019 and headquartered in Charlotte, upSWOT made its Finovate debut at our all-digital conference in 2020. The company returned to the Finovate stage last September for FinovateFall. Since then, the company has announced partnerships with Standard Chartered (SC) to launch a pilot project in Singapore and with fellow Finovate alum Cion Digital to bring embedded finance tools to more SMEs.

upSWOT has raised more than $5 million in funding from investors including Common Ocean Ventures.

Photo by Joe Caltiere