Swoop, a FinTech solution that supports SMEs to access funding, has been awarded £5m by the UK’s Banking Competition Remedies (BCR).
BCR is an independent body working on behalf of Royal Bank of Scotland (RBS). It 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.
Founded by Andrea Reynolds and Ciaran Burke in 2018, Swoop aims harnesses the power of technology to champion itself as a ‘one-stop, money shop’, acting as a virtual CFO for SMEs and supporting them through the funding, saving and financial advice landscapes.
CEO and co-founder of Swoop, Andrea Reynolds said: “Our successful bid for this GBP 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.
“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 of Swoop, Ciaran Burke added: “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.”