UpSWOT and NerdWallet Small Business have announced a pilot partnership aimed at bolstering the financial services available to their SMB customers. This collaboration will bring together upSWOT's data-driven embedded finance tools and NerdWallet Small Business' financial guidance, providing small businesses with comprehensive financial solutions.
UpSWOT's embedded finance tools stand out due to their ability to address the specific needs of small business clients. Specifically, upSWOT specialises in offering actionable insights to business owners based on banking, ecommerce, payroll, marketing, accounting, and other subscription software commonly used by small businesses. Through this new partnership, upSWOT will work closely with NerdWallet Small Business to integrate data-driven technology and introduce fresh features for business owners.
Representatives from NerdWallet Small Business expressed the platform's awareness of the unique challenges faced by small business owners. They stated that the pilot partnership with upSWOT would incorporate tools and resources to simplify financial decisions for small businesses, thereby fueling their growth and success.
In the company press release, upSWOT officials shared excitement about the collaboration, emphasising how it aligns perfectly with their mission to revolutionise the delivery of financial services to small businesses. The primary goal of their partnership with NerdWallet was to equip small business customers with the necessary tools and resources to thrive amidst today's competitive business environment.
In January 2023, Mastercard partnered with upSWOT to add data for small businesses on upSWOT’s platform. This action was made possible by the Mastercard Open Banking platform, whose services are provided by its subsidiary, Finicity.
By integrating Open Banking features into upSWOT’s services, small business owners gained the ability to seamlessly connect their financial data to a selection of 200 API-enabled applications. These applications encompass essential areas such as accounting, enterprise resource planning (ERP), payroll, ecommerce, Customer Relationship Management (CRM), marketing, and POS business applications.
Recognising the potential of this partnership, the two companies aimed to offer small and medium-sized businesses a streamlined and efficient approach to managing their operations effectively.
In 2022, UpSWOT collaborated with two other businesses. The first one had the goal of starting a pilot program in Singapore to provide Standard Chartered's SMB clients with the ability to forecast intelligently on a single digital platform. In addition, in November 2022, upSWOT and Cion Digital teamed up to provide embedded finance capabilities to help wealth managers and commercial loan brokers better serve SMBs.
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