Swoop Funding Selects ForwardAI Technology to Improve Loan Underwriting by Leveraging Easy-to-Access, Reliable Accounting Data
Partnership underscores the value of lending APIs in accessing real-time and forward-looking accounting data, improving access to Small- and Midsize Business (SMB) loans
Originally published on Accesswire.
NEW YORK, NY / ACCESSWIRE / September 7, 2022 / ForwardAI, a fintech providing aggregated access to accounting & business data and analysis, announced today its partnership with Swoop Funding, the one-stop money shop for businesses in Australia, Canada, Ireland, and the UK. Through the partnership, Swoop Funding will be augmenting its current data collection process and leverage ForwardAI’s premium API for access to normalized and standardized accounting data.
The partnership enables Swoop Funding to implement a more secure, faster, and more accurate lending workflow that also creates a positive experience for potential borrowers. Instead of relying on manual documentation or a simple connection to one or more accounting platforms, ForwardAI’s Precise API streamlines access to critical financial data points and analysis from over 17 accounting software companies. By standardizing and normalizing the data, Precise provides it in one coherent format, which makes it easy for lenders to customize the information they’re seeking. By utilizing historical, real-time, and predictive performance data, Swoop will be able to determine a business’s future viability more accurately and therefore expand access to small business loans.
“Swoop was set up to put the best technology to work in the service of businesses seeking funding,” said Ciaran Burke, co-founder and COO at Swoop. “Our customers want choice and speed without sacrificing quality and security. By partnering with ForwardAI we are joining forces in a way that will have a huge positive benefit to our customers.”
“We’re elated to be partnering with Swoop Funding, which shares our mission of democratizing access to small business loans,” said Nick Chandi, CEO, and co-founder of ForwardAI. “Traditional underwriting methods often rely on manual data collection, while one-off data connections to numerous accounting and business platforms require data to be normalized before it can be used. Our technology provides Swoop with a reliable API for integrated access to accounting, banking, and financial data that’s both ready-to-use and easily scalable.
ForwardAI’s Nick Chandi and Swoop Funding COO Ciaran Burke will also be speaking at LEND360 in Chicago on Tuesday, September 13, 2022. Along with experts from Grasshopper Bank and Fintech Automation, they will be presenting on “How to build an intelligent, embedded lending ecosystem”, which is scheduled for 9:45-10:45 a.m. CST at the Marriott Downtown Magnificent Mile in room Great American I & II (6th Floor).
About ForwardAI
ForwardAI is improving access to aggregated accounting, financial, and business data for banks, lenders, and fintechs. With leading small business software integrations available, the intelligent PreciseMatch™ tech, deep client analysis, unparalleled forward-looking data insights, and a complete suite of calculated KPIs and ratios, ForwardAI customers can turn client intake and assessment into only three quick steps. Solutions available include an API, a partner portal, and a client-facing cash flow management and planning tool. To get started or learn more, visit ForwardAI.com
About Swoop Funding
Swoop is a business funding and savings platform enabling businesses to discover the right funding solutions across loans, equity and grants, and to identify and easily make savings – all in one fell swoop.
Swoop works with over 1,000 funding providers from mainstream banks, alternative lenders, venture capital funds, angel investors and grant agencies to put all their customers’ options in one place for fast and easy applications.
Originally published on Accesswire.
