UK-based fintech startup upSWOT has secured £3.1 million in its seed funding round, media reports said. The funding round was led by Common Ocean Ventures. According to the startup, the funds will be used to expand its footprint in the UK and the US.
Other investors that also participated in the funding round for upSWOT include CFV Ventures, ICBA, First Southern National Bank, SpeedUp Venture Group. Angel investors such as Knut Frangsmyr, COO of Klarna; Kaustav Das, chief risk and analytics officer of Quadpay; David Rabkin, former EVP & GM at American Express; Hannes Liebe, COO of Finastra also participated.
Dmitry Norenko, upSWOT chief executive officer told the media, “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.”
Alex Keltner, chief executive officer at First Southern National Bank and upSWOT client told the media, “upSWOT’s technology creates a unique win-win situation for financial institutions and their SMB customers. Banks and fintech alike can now offer timely credit products and efficiently scale their portfolio servicing operations. At the same time, SMBs, who form the backbone of our economy, have much-needed access to working capital and financial tools to ensure their success.”