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Swoop is rolling out its funding platform across the country as it targets 450 per cent global revenue growth and pursues expansion into new territories including Melbourne and Brisbane.
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Funding platform gears up for next stage of growth
10 August 2022
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9 minute read
The platform, Advisor Funding Portal, is fresh off a $9.3 million capital raising and is set to shake up business funding by offering accountants, bookkeepers, and advisers an easy and transparent way to access a wide range of finance solutions on behalf of their clients.
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Swoop’s innovative model provides access to funding on demand from a wide range of sources including loans, equities, and grants. Using the platform, accountants can enter data points that are tailored to the specific client in order to search for funding options — thereby surpassing any price comparison service.
“Swoop was an idea that was conceived by an accountant in response to a very specific need — that is, that they only had the means to access small pockets of lenders, and they had neither the time nor the tools to look any further,” said Cynthia De Vera, strategy manager, Australia.
“Since the beginning, it’s been built specifically with the needs of accountants in mind.”
Swoop’s capital raising was via a Series A funding round from venture capital groups Velocity, Arab Bank Ventures, IAG, and WeHo Ventures. Internationally, Swoop has offices in the UK, Ireland, Canada, and is also focusing on expanding in the US with the aid of the new capital.
Other areas of focus include expanding its franchise partners across different funding sectors and partnering with tax agents. Banking partners already include ANZ, NAB, Westpac, Liberty, Suncorp, Judo Bank, and Pepper Money, while a deal has recently been inked with Baskin Robbins to support the latter’s franchise owners.
“We’re excited about our future and the opportunities to help accountants secure funding that business owners and entrepreneurs across the country need in order to grow and thrive,” said Ms De Vera.
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