In recent years, small business creation in the U.S. has seen a significant surge. This growth has been partly fueled by the pandemic, which forced entrepreneurs to adapt quickly to new circumstances. However, as businesses have grown, so has the complexity of financial decision-making.
The Challenge of Making Smart Financial Decisions
With the abundance of tech tools available to help small businesses manage tasks such as payroll and setting up retirement benefits, one might assume that entrepreneurs are well-equipped to make informed financial decisions. Unfortunately, this is not always the case.
While technology has made it easier for businesses to access various financial services, many still struggle with making smart choices about their finances. This is where Uprise comes in – a startup designed to serve as a financial advisor to small businesses.
Introducing Uprise: A Financial Advisor for Small Businesses
Uprise embeds itself into existing financial service products used by small businesses, such as HR tech company Rippling and SMB tax startup Carry. By leveraging its AI algorithm, the platform provides personalized recommendations tailored to each business’s unique needs.
For instance, Uprise might suggest which type of retirement benefit a company should offer based on its size and location. These recommendations are generated using data points collected from various financial service institutions that small businesses interact with.
A Human Touch in Financial Decision-Making
While AI algorithms play a crucial role in generating recommendations, human financial advisors also have a say in the decision-making process. According to Nanthakumar Muthusamy, Uprise’s co-founder and head of engineering:
"We believe that humans should be in the loop before you talk to a customer. They also like to talk to a human more than a machine."
The Evolution of Uprise: From Consumer to Small Business Focus
Uprise’s journey began as a direct-to-consumer strategy aimed at providing personal financial advice to individuals. However, the company soon realized that its most engaged users were entrepreneurs and freelancers looking for guidance on both their personal and business finances.
Jessica Chen Riolfi, Uprise co-founder and CEO, explained:
"Traditional finance doesn’t have a great solution for them. If you walk into any traditional bank, it’s like for your business needs go here and for your personal needs go here, and the two sides don’t talk to each other. But that doesn’t reflect the reality of a small business owner. My business finances are my finances."
Pivoting to Small Businesses and Securing Funding
After recognizing the need for financial guidance among small businesses, Uprise shifted its focus and began working with fintech companies to embed its platform into their products. This pivot led to partnerships with notable players in the industry.
To support further growth and expansion, Uprise recently raised a $3.3 million seed round led by Blank Ventures, with participation from Graham & Walker, Hustle Fund, Dash Fund, and other VCs. Notably, numerous angel investors from the fintech world also contributed to this funding round.
A Bright Future for Uprise
As small businesses continue to drive economic growth in the United States, there is an increasing need for financial guidance and support. Uprise is well-positioned to address this gap, thanks to its innovative approach to financial decision-making.
With a strong team, a solid funding round, and a deep understanding of the challenges faced by small business owners, Uprise is set to make a significant impact in the fintech industry.
Conclusion
In conclusion, while technology has made it easier for businesses to access various financial services, many still struggle with making smart choices about their finances. Uprise’s innovative approach to providing personalized financial recommendations and its focus on small business needs position it as a leader in the fintech space.
