upSWOT, a Charlotte, NC-based fintech platform for financial institutions to improve their ability to service Small-Medium Business clients (SMBs), raised $4.3M in seed funding.
The round was led by Common Ocean Ventures with participation from CFV Ventures, ICBA, First Southern National Bank, SpeedUp Venture Group, and and angel investors, including 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; Aiaz Kazi, Former Chief Platform Officer at Banco Santander; Levi King, Chairman, NAV; Kerry Agiasotis, EVP, Sage, and more than 50 other financial industry leaders, visionaries, and operators. In conjunction with the funding, Common Ocean General Partner, Igor Ulis, joined upSWOT’s Board of Directors.
The company intends to use the funds to expand its US footprint, continue hiring onshore staff to support a list of deployments with Tier 1 and Tier 2 financial institutions, and further enhance the product.
Led by Dmitry Norenko, CEO, upSWOT utilizes an API-driven approach to connect, collect, and normalize data from over 120 business software tools SMBs regularly use, such as Quickbooks, Xero, Salesforce, Amazon, eBay, Shopify, Freshbooks, Sage, and more. SMBs can track business operations through KPI dashboards, real-time insights, and automatic alerts as their bank partners obtain actionable data to engage and help accelerate growth.
The company’s 45-person team currently services a diversified clientele from US and European banks like Raiffeisen Bank Aval, Société Générale RosBank, to Fintechs like Tribal Credit, and non-banking FIs like MasterCard.
Founded in 2019, upSWOT participated in the elite Berkeley SkyDeck accelerator.