Swoop lands €6.3m for international expansion

Fintech recently marked its first partnership in Ireland, through the launch of the ISME Finance Finder portal

Trade

Ciaran Burke & Andrea Reynolds, Swoop

13 June 2022

Irish fintech Swoop has raised €6.3 million in a Series A funding round to accelerate 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 Swoop forecasted to increase by 450% this year.

Co-founded by CEO Andrea Reynolds and COO Ciaran Burke, the company is targeting the US through its existing operations in Canada and this follows the recent establishment of an Australian operation, in addition to its offices in Ireland and the UK.

More than 75,000 businesses have used Swoop’s software platform to investigate and access a wide range of funding sources, including equity, grants, loans and tax credits. Founded in 2017, Swoop will have 80 staff by the end of the summer, up from 60 at present. It employs 20 people at its Dublin office in Dogpatch Labs and is actively hiring there.

The Series A funding round includes investment from the UK venture capital group Velocity, Arab Bank Ventures, IAG and WeHo Ventures in California. Velocity is an existing investor in Swoop, alongside other early backers including Enterprise Ireland and Irish angel investors.

“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,” said Reynolds.

The company recently marked its first partnership in Ireland, through the launch of the ISME Finance Finder portal in conjunction with ISME, the Irish SME Association.

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