Tuesday 22 January 2019

SME funding platform Swoop scoops UK win

Andrea Reynolds and Ciaran Burke
Andrea Reynolds and Ciaran Burke
Louise Kelly

Louise Kelly

SME funding platform Swoop has become the only Irish winner in a UK-based innovation challenge for the financial technology sector.

The Dublin-based company, founded by Andrea Reynolds and Ciaran Burke, was awarded €400,000 in Nesta's 'Open Up Challenge'.

Commissioned by the UK's Competition and Markets authority, the competition encourages innovation in fintech ventures to support small-to-medium firms in the market.

Swoop describes itself as a 'one-stop, money shop', supporting SMEs through information, saving and access to the funding landscape.

The Irish company enables users to apply for funding with multiple different providers - ranging from banks to equity providers to grant agencies - all via the one digital platform.

Swoop has closed over £6m (€6.6m) in funding since its public launch eight months ago, has a network of over 1,000 funding providers, including traditional lending organisations, equity funds, and grant agencies.

It recently closed its seed funding round this month, successfully raising €1m from Enterprise Ireland and a mix of entrepreneurs across Ireland and the UK.

Ms Reynolds said the award "not only highlights Swoop as a valuable product with impressive growth potential, but it solidifies its noble purpose of supporting SMEs to navigate the ever-changing and often-turbulent funding arena".

Irish Independent

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