Fintech platform Upswot has signed a co-sell agreement with tech giant Microsoft that includes support from Microsoft’s sales team as well as a free proof-of-concept of its business finance management platform on Microsoft’s Azure cloud.

Upswot CEO and founder Dmitry Norenko announced the deal via a LinkedIn post from his personal account Wednesday. He told Bank Automation News on Friday that the deal calls for a revenue split with Microsoft and then, after the free proof-of-concept run, the solution will run for a fee on Azure.

“Microsoft is huge. They serve thousands of banks, and all of them will get access to our technology,” Norenko said. “It’s a way to get those banks which we can’t get ourselves, just because we don’t have such huge sales power.”

The deal has already brought Upswot three new client banks, including the $1 billion First Southern National Bank based in Lancaster, Ky. Existing customers include Raiffeisen Bank Aval, Societe Generale Group, and MasterCard.

The Charlotte, N.C.-based startup provides business insights, powered with standardized data from 120 API-enabled apps regularly used by small and medium sized businesses, and mid-market companies. The startup offers a white-label business health “dashboard” that allows financial institutions to monitor financial, sales and marketing data of SMB and mid-market banking customers for real-time insights and risks.

“Together with Microsoft sales teams, we will grow much faster helping banks, insurance companies, and fintechs get actionable insights, accurate cashflow forecast, personalized advice powered by 120 plus API-enabled apps,” Norenko wrote on LinkedIn.

Norenko thanked several people in Microsoft’s financial services division for working out the deal on LinkedIn, specifically mentioning:

• Holly Thompson, a partner development manager in the financial services industry;
• Tom Feher, a banking director responsible for working with financial services clients and the cloud;
• Tom Crawford, a strategic partner development manager at Microsoft; and
• Thiago Damasceno, a partner technical architect at Microsoft.

Norenko also thanked Karly Wang, a member of Upswot’s advisory board, for the team introduction.

Upswot has raised $5 million through three funding rounds, with $4.3 million of that raised during a March 21 seed round with commitments from multiple venture capital firms, corporate partners, and more than 50 angels and industry operators, according to the company.

Upswot is part of Fintech Discovery, BAN’s sister marketing accelerator program. BAN recently featured Upswot’s demo video, which is available to Premium Plus subscribers.

Bank Automation Ignite, on April 13-14, is the event for inspiring automation initiatives and investment in financial services. At the virtual event, financial services professionals can discover new use cases and technologies that are accelerating automation in banking. Learn more and register at www.BankAutomationIgnite.com.