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UBS is forming a strategic partnership with – and investing €10 million in – a business software startup to better cater to SMBs.   

UBS wants to help Numarics shape its finance and admin software, which pairs machine learning with human auditors, as the bank tries to cozy up to small and medium-sized businesses.

UBS wants to help small businesses reduce the time and money it takes to complete daily tasks, and it’s teaming with a startup to make it happen. 

The bank’s partnership with (and investment in) Numarics will help it offer more digital financial services as part of its aim to “go beyond traditional banking and help [SMBs] manage their day-to-day business efficiently,” according to UBS exec Alain Conte.  

UBS’ partnership with Numarics highlights its current focus on SMBs as a source of growth (earlier this year, the firm pivoted away from catering to a wider swath of wealth clients and cancelled its plan to acquire robo-advisor Wealthfront)

It’s also just the latest example of FinServs rolling out digital tools and partnerships to win over the SMB market, as Insights Distilled has previously reported. For example, Amex recently released a cashflow management hub based on its Kabbage acquisition, Westpac is working with Rich Data Co on AI-powered business loans, Standard Chartered has partnered with upSWOT on personalized tools for SMBs, and Barclays is partnering with UK fintech Liberis to make cash advances faster and easier.