Ukrainian startup Upswot raises $4.3M in a seed round

Ukrainian developer of the Upswot service announced the closing of a $4.3 million seed round. Dmitry Norenko, the co-founder of the startup, wrote about it on his Facebook.

Common Ocean, CFVVentures, SpeedUp Group, First Southern National Bank, ICBA, as well as angel investors participated in the round. According to Yaroslav Yaroslavsky, one of the startup’s founders, the deal was completed rapidly, and there were no difficulties associated with the quarantine or pandemic:

“We had no particular problems with the closure, North America has already completely readjusted to the new realities. The deal was closed relatively quickly. We had offers from funds and strategists, as well as several offers to acquire the company,” he says.

Upswot is a service that enables banks to review the financial state of businesses through direct access to their accounting systems, CRM, etc. In return, businesses obtain cheaper credits and best deposit rates.

The Upswot project was founded by Andrey Davidchuk, Yaroslav Yaroslavsky, Dmitry Norenko, and Dmitry Sivolap. The company mainly operates in the US market. In the summer of 2020, Upswot became one of the winners during the seventh and eighth Pitch Day of the Ukrainian Startup Fund (USF).

The startup’s team already has 40 people, but the company is planning to expand it to 60 in the near future.