MX and upSWOT partner to make it easier for SMBs to use their banking transactions in financial statements to manage their businesses

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LEHI, Utah and CHARLOTTE, N.C. – October 20, 2021 – MX, the financial data platform and leader in modern connectivity, and upSWOT, a leading fintech platform to connect business applications, are partnering to provide valuable insights, analytics, and dashboards to help small-to-medium-sized businesses (SMB) manage their businesses more effectively. The partnership enables MX and upSWOT to offer their integrated products to organizations serving SMBs.

“Banks, lenders and fintechs often struggle with managing a portfolio of SMB clients who need consistent and accurate data to get insights to plan for the future,” said Dmitry Norenko, CEO of upSWOT. “With MX’s industry-leading financial data platform and our white-label cloud solution, organizations can gain granular insights into their SMB customers within a short implementation time, and with minimal strain on internal IT or overlap with legacy systems.”

With MX and upSWOT, organizations can enable their SMB customers to import their online banking transactions through MX and combine it with data from over 150 business applications connected through upSWOT. The application of MXdata for Business will help upSWOT provide their customers insights on those businesses' financial health, spend history and performance.   

“The financial wellness of SMBs is a very important part of MX delivering on our mission to empower the world to be financially strong,” said Don Parker, Executive Vice President of Partnerships, MX. “With that in mind, MX and upSWOT are innovating together to help SMBs, who create two-thirds of net new jobs in the U.S., plan for better success and an even brighter future.”

About MX

MX, the financial data platform and leader in modern connectivity, helps organizations everywhere connect to the world’s financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences. MX connects more than 16,000 financial institutions and fintechs providing the industry’s most reliable and secure data connectivity network. Additionally, MX powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintechs, with a combined reach of over 200 million consumers. To learn more, follow us on Twitter @MX or visit www.mx.com.

About Upswot

upSWOT is a white-label digital experience layer that can sit on top of any bank's existing infrastructure and available both on-prem/private cloud and through a single RESTful API/SaaS. The platform is an add-on to online banking and on-boarding that motivates 74% of SMBs and Mid-Market companies to provide authorized, continuous access to the financial, sales, and marketing data within the apps they regularly use to run their businesses. All the raw data shared is turned into standardized data which is continuously re-assessed to provide actionable risk, marketing, and business insights for the benefit of both the Bank and the Bank's Client (www.upswot.com).