Irish fintech Swoop receives €5.6m under RBS bailout fund incentive
SME funding platform Swoop has received £5m (€5.6m) from the UK’s Banking Competition Remedies (BCR).
The BCR is an independent body that works on behalf of Royal Bank of Scotland (RBS) to ensure the bank promotes competition within and fair access for SMEs to the banking services market.
It was set up by RBS as part of its bailout and is independent from RBS and the UK Government.
The money will be used to help the Dublin-based company expand its presence in Ireland and the UK.
The tech platform describes itself as a 'one-stop, money shop', supporting SMEs through information, saving and access to the funding landscape.
At present, Swoop has over 1,000 funding providers on its database, and it has committed to onboarding 540,000 SMEs over the coming months.
“Swoop serves as a virtual CFO connecting SMEs to the best solutions for their business needs,” CEO and co-founder of Swoop, Andrea Reynolds, said.
“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,” Ms Reynolds added.
Established in 2018, Swoop is backed by Enterprise Ireland.