Swoop Funding selects ForwardAI Technology to improve loan underwriting

By Edlyn Cardoza

ForwardAI, a FinTech providing aggregated access to accounting & business data and analysis, announced 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 augment its current data collection process and leverage ForwardAI’s premium API to access normalised and standardised 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. “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.

The partnership enables Swoop Funding to implement a more secure, faster, and more accurate lending workflow that 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 standardising and normalising the data, Precise provides it in one coherent format, making it easy for lenders to customise the information they seek. By utilising 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.”