A Vancouver-based fintech startup providing aggregated access to accounting and business data recently announced a partnership with New York’s Swoop Funding, a business platform to discover funding solutions across loans, equity, and grants.
ForwardAI says that, through the partnership, Swoop Funding will be augmenting its current data collection process and leverage ForwardAI’s API for access to normalized and standardized accounting data.
“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.
ForwardAI was recently recognized for its technological innovation by the BC Tech Association in their upcoming 2022 awards.
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,” explains Chandi. “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.”
Swoop works with over 1,000 funding providers—from mainstream banks and venture capital funds to alternative lenders and grant agencies. 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. 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,” says 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,” added Burke.
Chandi and Burke will be speaking at LEND360 in Chicago on Tuesday, September 13. They will be presenting on “How to build an intelligent, embedded lending ecosystem.”