CEO: Andrea Reynolds
Founders: Andrea Reynolds, Ciaran Burke
Last funding: £5M Capability & Innovation Fund
Total funding: £6.5M - investors include Enterprise Ireland / NESTA
Keywords: Funding / saving / financial advice for SMEs
Who is it for: SMEs in the UK and Ireland
HQ: UK, London
Funding, Saving and Financial advice for SMEs
Founded by Andrea Reynolds and Ciaran Burke, Swoop acts as a virtual CFO for SMEs, supporting them through the funding, saving and financial advice landscapes.
Swoop’s matching algorithm connects SMEs to suitable and viable options. Customers have their own financial dashboard to keep up to date on their financial and liquidity metrics and Swoop alerts them when they become eligible for new funds. Swoop commits to reducing the funding disparity between London and the rest of the UK, particularly for equity finance.
In June 2019, following an initial investment by Enterprise Ireland and NESTA (€1.5M), Swoop was awarded €5.6 million by the UK Banking Competition Remedies (BCR) – an independent body working on behalf of Royal Bank of Scotland (RBS). BCR aims to ensure RBS is continually promoting competition within banking, and fair access for SMEs to the banking services market, with funds becoming available when an alternative body can better deliver this goal...
At present, Swoop boasts over 1,000 funding providers on its active database, and has committed to onboarding 540,000 SMEs, approximately 15% of the business current account market.