{"id":771,"date":"2019-06-20T10:56:22","date_gmt":"2019-06-20T10:56:22","guid":{"rendered":"https:\/\/swoopfunding.com\/ie\/?p=771"},"modified":"2024-04-15T12:47:52","modified_gmt":"2024-04-15T12:47:52","slug":"swoop-receives-5-million-funding-from-bcr","status":"publish","type":"blog","link":"https:\/\/swoopfunding.com\/ie\/blog\/swoop-receives-5-million-funding-from-bcr\/","title":{"rendered":"Swoop receives \u00a35 million funding from BCR"},"content":{"rendered":"\n<p>Swoop has been awarded \u00a35 million in funding from the UK\u2019s Banking Competition Remedies (BCR) which it will use to grow the business and support more SMEs more quickly.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" loading=\"lazy\" src=\"https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/05\/SWOOP-HS-13-copy-1024x683-1.jpeg\" alt=\"\" class=\"wp-image-26436\" srcset=\"https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/05\/SWOOP-HS-13-copy-1024x683-1.jpeg 1024w, https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/05\/SWOOP-HS-13-copy-1024x683-1-300x200.jpeg 300w, https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/05\/SWOOP-HS-13-copy-1024x683-1-768x512.jpeg 768w, https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/05\/SWOOP-HS-13-copy-1024x683-1-30x20.jpeg 30w, https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2023\/05\/SWOOP-HS-13-copy-1024x683-1-80x53.jpeg 80w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>BCR is an independent organisation working on behalf of the Royal Bank of\nScotland (RBS); it ensures that the RBS is continually promoting fair access\nfor SMEs to the banking services market and competition in banking. <\/p>\n\n\n\n<p>When an alternative body \u2013 in this case Swoop \u2013 can better deliver on BCR\u2019s\ngoals, funding is made available to that body. As Swoop can support SMEs in a way that\ntraditional banks do not, matching<\/p>\n\n\n\n<p>matches SMEs to viable funding options like a \u2018one-stop money shop\u2019, its\npotential to make a huge difference has been commended.<\/p>\n\n\n\n<p>\u201cWe are delighted\nthat our bid for \u00a35 million has been successful,\u201d said CEO and co-founder of\nSwoop, Andrea Reynolds. \u201cIt means we can fast-forward development of Swoop,\nexecuting our vision more quickly and increasing our presence in the UK,\nIreland and further afield. It will strengthen our position and enable us to\nsupport more SMEs sooner.\u201d<\/p>\n\n\n\n<p>The money \u2013 from\nBCR\u2019s Capability and Innovation Fund \u2013 is testament to Swoop\u2019s innovative\nservice and commitment to increasing access and competition for SMEs when it\ncomes to banking. As part of the successful bid, Swoop outlined how its product\ncan support SMEs through the funding, saving and financial advice landscape,\nlike a virtual CFO. Swoop detailed commitments including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Supplementing any award with its own capital investment<\/li>\n\n\n\n<li>Further investing in its technology and platform to deliver a\nsophisticated all-in-one SME finance platform by Q2 of 2020, to include a fully\nintegrated marketplace of lenders, grant agencies, equity investors and finance\nproduct providers, and a mobile, on-the-go product for users<\/li>\n\n\n\n<li>Onboarding 540,000 SMEs<\/li>\n\n\n\n<li>Working with all UK banks and CASS to deliver an end-to-end automated\nprocess for business current account opening, to remove the hassle from\nswitching<\/li>\n\n\n\n<li>Helping SMEs reduce <a href=\"https:\/\/swoopfunding.com\/ie\/business-glossary\/overdraft\/\">overdrafts<\/a>, unsecured loan rates and bank fees. Swoop will continuously scan the market for better rates and service, and automate switching<\/li>\n\n\n\n<li>Reducing the funding disparity between London and the rest of the UK,\nparticularly for equity finance<\/li>\n\n\n\n<li>Building a culture of diversity and inclusion internally as it grows its\nworkforce by 50 across the UK and Ireland.<\/li>\n<\/ul>\n\n\n\n<p>Andrea added: \u201cSMEs\nare a hugely important part of all economies. The effective provision of\nfinance and banking services to these businesses is crucial for boosting\neconomic performance. The future of SME banking is about independently curating\nthe right service and the right type and blend of finance, at the right time.\u201d<\/p>\n\n\n\n<p>Co-founder of Swoop, Ciaran Burke added: \u201cOur unique matching algorithm seamlessly connects SMEs to suitable and viable options. The funding award will allow us to help those who we at Swoop care most about \u2013 those at the heart of business communities across economies such as <a href=\"https:\/\/swoopfunding.com\/ie\/business-glossary\/sole-trader\/\">sole traders<\/a>, micro, small and medium businesses. We make it easy for them to understand their financial position, their spending habits and subsequently easily access loans, grants, investment, savings and services bespoke to their needs.\u201d<\/p>\n\n\n\n<p>Follow Swoop on\nsocial @swoopfunding for regular updates.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Swoop has been awarded \u00a35 million in funding from the UK\u2019s Banking Competition Remedies (BCR) which it will use to grow the business and support more SMEs more quickly. BCR is an independent organisation working on behalf of the Royal Bank of Scotland (RBS); it ensures that the RBS is continually promoting fair access for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4787,"comment_status":"closed","ping_status":"closed","template":"","category":[1365],"class_list":["post-771","blog","type-blog","status-publish","has-post-thumbnail","hentry","category-news"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/08\/tim-mossholder-H6eaxcGNQbU-unsplash-980x460-1.jpg",980,460,false],"thumbnail":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/08\/tim-mossholder-H6eaxcGNQbU-unsplash-980x460-1-150x150.jpg",150,150,true],"medium":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/08\/tim-mossholder-H6eaxcGNQbU-unsplash-980x460-1-300x141.jpg",300,141,true],"medium_large":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/08\/tim-mossholder-H6eaxcGNQbU-unsplash-980x460-1-768x360.jpg",768,360,true],"large":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/08\/tim-mossholder-H6eaxcGNQbU-unsplash-980x460-1.jpg",980,460,false],"1536x1536":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/08\/tim-mossholder-H6eaxcGNQbU-unsplash-980x460-1.jpg",980,460,false],"2048x2048":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/08\/tim-mossholder-H6eaxcGNQbU-unsplash-980x460-1.jpg",980,460,false],"image_blog":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/08\/tim-mossholder-H6eaxcGNQbU-unsplash-980x460-1-408x252.jpg",408,252,true],"image_blog_full":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/08\/tim-mossholder-H6eaxcGNQbU-unsplash-980x460-1.jpg",980,460,false],"image_podcast":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/08\/tim-mossholder-H6eaxcGNQbU-unsplash-980x460-1-397x298.jpg",397,298,true],"image_banking":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/08\/tim-mossholder-H6eaxcGNQbU-unsplash-980x460-1-43x20.jpg",43,20,true],"image_blog_internal":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/08\/tim-mossholder-H6eaxcGNQbU-unsplash-980x460-1-840x460.jpg",840,460,true],"image_blog_medium":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/08\/tim-mossholder-H6eaxcGNQbU-unsplash-980x460-1.jpg",980,460,false],"image_single_banking":["https:\/\/swoopfunding.com\/ie\/wp-content\/uploads\/sites\/6\/2019\/08\/tim-mossholder-H6eaxcGNQbU-unsplash-980x460-1-80x38.jpg",80,38,true]},"post_excerpt_stackable_v2":"<p>Swoop has been awarded \u00a35 million in funding from the UK\u2019s Banking Competition Remedies (BCR) which it will use to grow the business and support more SMEs more quickly. BCR is an independent organisation working on behalf of the Royal Bank of Scotland (RBS); it ensures that the RBS is continually promoting fair access for SMEs to the banking services market and competition in banking. When an alternative body \u2013 in this case Swoop \u2013 can better deliver on BCR\u2019s goals, funding is made available to that body. As Swoop can support SMEs in a way that traditional banks do&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/swoopfunding.com\/ie\/category\/news\/\" rel=\"category tag\">News<\/a>","author_info_v2":{"name":"root","url":"https:\/\/swoopfunding.com\/ie\/author\/root\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/blog\/771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/types\/blog"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/comments?post=771"}],"version-history":[{"count":3,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/blog\/771\/revisions"}],"predecessor-version":[{"id":32426,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/blog\/771\/revisions\/32426"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/media\/4787"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/media?parent=771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/category?post=771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}