Late last month, credit management solutions provider CRIF announced plans to team up with Swoop Funding, a business funding and savings platform. CRIF anticipates the partnership will help the U.K.’s community of 5.9 million SMEs access more funding and ultimately grow.
Swoop will leverage CRIF’s Credit Passport business credit scoring technology that provides real time credit scores for SMEs. This tool will benefit both Swoop and the small businesses themselves. Swoop will help match businesses with funding and savings products. For businesses with lower credit scores, this will help them potentially find previously unavailable sources for working capital. The partnership will also offer SMEs insights into their businesses’ financial performance and viability, and help them see how lenders view them.
“We designed Credit Passport to remove friction in the lending decisioning process and help SMEs get the right funding for them, when they need it, as well as to help educate businesses so they can build the most financially healthy and resilient companies,” said CRIF Realtime Chief Product Officer Glen Keller. “CRIF’s partnership with Swoop puts us at the heart of the U.K.’s SMEs with useful information at a time when they need it the most and will really make a difference to the market.”
CRIF’s Credit Passport helps bridge the gap between the financial industry and business owners. The tool leverages open banking to offer lenders a view into SME’s credit quality and will give Swoop’s SME clients insight into their own business credit score.
Swoop was founded in 2018. The company’s business funding and savings platform helps SMEs discover the right funding solution– ranging from loans to equity to grants– to fit their need. Swoop also has a business financial management (BFM) spin, and offers tools to help businesses identify savings opportunities. The company has matched its more than 79,000 customers with over $187 million in funding.
Italy-based CRIF was founded in 1988 and has more than 5,500 employees working across 70+ subsidiary companies on four continents. The firm counts 10,500+ financial institutions, 600 insurance companies, and 82,000 businesses as clients. In all, one million consumers in 50 countries use CRIF’s services. In 2020, CRIF acquired PFM company Strands to complement its customer acquisition, portfolio management, and credit collection tools. Last year, CRIF participated as an investor in nine fintech funding rounds.