SME funding platform Swoop scoops UK win

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”.