Photo - Upswot
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Upswot

White label product for banks

Poland, Mazovia
Market: Internet and IT, Services
Stage of the project: Prototype or product is ready

Date of last change: 23.11.2018
Min investment
$  200.000
0
Total required
$ 200.000
Rating
equalizer 202 из 1000
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Idea

We created the technology which simplifies onboarding and difital journey for SME. In several clicks, online, any SME can apply for a loan by just sharing the data and financialmetrics from the business systems they use. Upswot structures this data, automates underwriting process and even more important – tracks all the crucial events that can influence risks, compliance, fraud and sales in real-time,even after the loan was approved

Current Status

We have strong team, code of product, and confirmation from several banks in Eorope of readiness to start pilot contract, when we will have the product.

Market

Banks, credit bureaus, factoring and leasing companies.

Problem or Opportunity

Sme face difficult process applying for a loan: bureaucracy, the need in preparing tons of documents, going to the branches, staying in the lines and waiting for decision for weeks
Bnks can’t put the finger on the pulse of the business after the loan is approved – to know what issues, needs and preferences the SME face before it comes to the bank.

Solution (product or service)

We created the technology which simplifies onboarding and difital journey for SME. In several clicks, online, any SME can apply for a loan by just sharing the data and financialmetrics from the business systems they use. Upswot structures this data, automates underwriting process and even more important – tracks all the crucial events that can influence risks, compliance, fraud and sales in real-time, even after the loan was approved


All the data is transferred and analyzed only directly inside of the bank.

The whole idea is to motivate the business to provide access to the data sources they use, because the more data the Sme shares, the better deal it gets : lower interest rate, better chances to get the loan or even better credit line or leasing terms upswot gets the data and analyzes it simplifying life of financial analyst and saving thousands hours of work for the bank.

Competitors

Nordigen, GAUSS Algorithmic, Lenddo, Kontomatik, Criskco.

Advantages or differentiators

Middleware technologies that mainly analyze transactional banking information using screen scrapping methods. Several other are limited to social media and smartphone data only. Thus, they are mainly focused on retail banking – on consumers, while we are focused on SME.
Upswot never screenscrapes the data. We use APIs only.
Criskco provides access to 5 accountancy systems, while we support more than 40 and not only accountancy systems
They work with the data directly and on own premises which is pretty dangerous for the banks as long as they are managing private and extremely important financial data. Actually, SME share the data with Criskco, which is not convenient from the privacy and security point of view both for the banks and SME
.
Upswot processes all the data only on banking premises. SME shares the data with the bank directly and the only bank has access to this data. We analyze, manage, monitor the data only on banking premises. Thus, we don’t need to apply for licenses, we are not responsible for data security and in result have much fewer expenses comparing with others
Nordigen, Kontomatik
They work with banking (transactional) data only (which is screenscraped), while Upswot provides an option to get eCommerce, eWallets, Analytics services, Shipping, CRM, ERP, wearables, and accountancy cloud systems, used by SME
Even more important is our continuous monitoring system focused on non-traditional sources of data. It works under the principles of trigger + action which makes it easy and convenient to use in our banking-friendly way
Furthermore, all the competitors above don’t offer:
• Triggers and action module
• Marketing automation
• Red flags approach
• Business systems (only 5 by Criskco)
We create the platform and ready-to-use, in-a-box banking services that allow to automate the gathering of the data from traditional sources in GDPR compliant way, structure the data, analyze the data, track the changes in the data and automate marketing on the top of this data
Competitors are offering, mainly, middleware approach, which in multiple cases can’t be used by banks, because of security, reliability and law restrictions
We offer ready-to-use, in-a-box services, and platforms, with adjusted business logic and process, based on our own technology and SDKs for various platforms that are used by our clients. Though, our clients can change it and easily adjust to own needs. Banks can even use us for any other purposes which demand the integration of third-party services
Upswot allows choosing both Thin and Rich clients that can help to create the whole new app for any platform and offers the choice for our clients’ developers which technology to use.

Finance

The price of one server will be 10K Euro per month. As we know bank will buy at least 2 servers. The more data per bank, the more servers. All the banks with products for SME need our product and have to be our clients.

Money will be spent on

We need investment for payroll.

Offer for investor

10 % of company

Incubation/Acceleration programs accomplishment

In Ukraine it was Capital Vilage.

Website address

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address