Swoop, a one-stop money shop for companies, has bagged £5.4m in a Series A funding round.
The round included investment from VC firm Velocity, Arab Bank Ventures, WeHo Ventures and IAG.
Swoop claims that more than 75,000 firms have used its software platform to investigate and access a wide range of funding sources, including equity, grants, loans and tax credits. The company said it will have 80 staff by the end of this summer, up from 60 currently.
The funding will be used to speed up international expansion and help more companies to access an array of financing options. The announcement follows a surge in demand for SME financing, with revenues at the company forecast to increase by 450% this year.
Swoop CEO and co-founder Andrea Reynolds claims the funding would be used to expand into new markets with a particular focus on North America.
She added, “Access to finance is the number one issue facing SMEs, but they have traditionally been an underserved customer segment. Finance is data-driven and borderless. With the influx of new lenders into the market, Swoop is able to connect SMEs with the funding they need wherever they are in the world. To date we’ve helped our customers secure £500m to grow their businesses.”
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