Irish fintech Swoop has raised close to €10m in recent weeks, placing a valuation of €30m on the firm.
The firm, which has developed a technology platform designed to simplify access to loans, grants and equity funding for SMEs, raised a total of €6.3m in Series A equity funding from three main investors.
Founded in 2018 by CEO Andrea Reynolds, daughter of former Taoiseach Albert Reynolds, Swoop has also been awarded €3m from a fund established by RBS as a condition of that bank’s UK government bailout.
The €6.3m in new equity funding has been raised mainly with three venture funds – Velocity, Arab Bank Ventures and US west coast fund WeHo Ventures. The funding round also includes the firm’s seed investors, as well as Italian angel fund IAG.
Swoop has previously received a total of €8.5m from the RBS fund, as well as a €1.6m pre-seed round from backers including Velocity and Enterprise Ireland.
“The plan now is to further expand in the US and Canada, as well as expansion in other markets such as Australia,” said Reynolds. “It’s all about expansion now. It was a complex piece of technology that we had to build but it is now in place so it’s about pure growth. Our growth this year is tracking at 450pc on last year and it will be the same next year. All the bases are there now, we just have to apply the capital.
“As long as we continue to hit the metrics that we are currently hitting and have proven ourselves in the markets in which we are operating, we will be going for a Series B fundraise in about 12 months.”
Swoop has facilitated lending to date of as much as €600m to small and medium firms in the UK and Ireland and it has agreed a partnership deal with Isme that sees it powering a “funding finder” service via the business group’s website.
The new funding will help the firm expand staff from a team of 60 currently, 20 of whom are in Dublin, to 80 by the end of the summer.