Fintech start-up Swoops in for £5m in funding
18 June 2019 | 0
Swoop, a Dublin-based fintech start-up, has been awarded £5 million (€5.6 million) by the UK’s Banking Competition Remedies (BCR) – an independent body working on behalf of Royal Bank of Scotland (RBS).
Founded by Andrea Reynolds and Ciaran Burke in 2018, Swoop is a ‘one-stop, money shop’, acting as a virtual chief financial officer for SMEs and supporting them through the funding and giving other financial advice.
“Our successful bid for this £5 million Capability and Innovation Fund from Banking Competitions Remedies will enable Swoop to fast forward the execution of its vision and strengthen our position to support more SMEs sooner,” said Reynolds.
“SMEs are a hugely important part of all economies. The effective provision of finance and banking services to these businesses is crucial for boosting economic performance. Over recent years, we have seen a significant growth in alternative finance, challenger banks, and a burgeoning investor base coupled with government grant and tax relief schemes, but this expanding supply of finance requires intelligent and timely delivery.
“Swoop serves as a virtual CFO connecting SMEs to the best solutions for their business needs. The future of SME banking is about more than one FinTech, one bank or one source of finance. It is about delivering independent curation of the right service and the right type and blend of finance, for every SME, at the right time.
Co-founder Ciaran Burke said: “We have found that the administrative burden of applications and the confusion that goes along with this are some of the most challenging barriers for SMEs to overcome when it comes to applying for funding, or when it comes to making changes to their businesses.
“Our unique matching algorithm seamlessly connects SMEs to suitable and viable options. The funding award will allow us to help those who we at Swoop care most about – those at the heart of business communities across economies such as sole traders, micro, small and medium businesses.
“We make it easy for them to understand their financial position, their spending habits and subsequently easily access loans, grants, investment, savings and services bespoke to their needs.”