Swoop records revenue growth of 450% in 2022
Irish fintech Swoop has recorded revenue growth of 450% in 2022 following a strong year which saw new hires, the establishment a new commercial mortgage team and the launch of a new UK office.
Swoop provides businesses with a range of financial services including cost saving options for banking, foreign exchange, utilities, and insurance. It won £7.5 million from Banking Competition Remedies Fund to scale in 2022 and other wins include being awarded £350,00 from the nine major banks under the Open Banking Challenge.
The company is aiming to launch in the US by mid-2023, following a €6.3 million Series A funding round to accelerate its international expansion and help more companies to access an array of financing options.
Since it was founded in 2017, near 80,000 businesses have used Swoop’s software platform to investigate and access a wide range of funding sources, including equity, grants, loans and tax credits, completing £426 million worth of funding.
The fintech has doubled its workforce since 2020, with 100 staff at present with a presence in London, Birmingham, Dublin, Liverpool, Sydney and Toronto, in addition to remote team members in Brazil. The company currently employs 20 at its Dublin office in Dogpatch Labs.
Andrea Reynolds, CEO and founder of Swoop: “Swoop is a fast-growing business. Our revenues are forecast to increase by 450 per cent in the current year thanks to a surge in demand from SMEs for financial solutions that meets their needs. We are growing fast because we meet and understand our customers at a human level.
“As we move into 2023, we are at an advanced stage of planning for entry into the US market after laying the groundwork this year for a full-scale launch by next summer.”
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