Swoop posts 450pc revenue growth ahead of US expansion
Business funding aggregator Swoop has reported 450 per cent revenue growth this year, as it eyes a US launch by mid-2023.
The business finance solutions platform, which works with more than 1,000 funding providers including alternative lenders, said it has recorded “significant growth” in 2022. It established a new commercial mortgage team to facilitate its expansion into property finance service, and launched a new UK office in Liverpool.
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In June this year, it raised £6m from a series A funding round to support its international expansion.
“Swoop is a fast-growing business,” said chief executive and founder Andrea Reynolds (pictured).
“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 meet their needs. We are growing fast because we meet and understand our customers at a human level.
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“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.”
Almost 80,000 businesses have used Swoop’s platform since its launch in 2017, completing £426,787,301 worth of funding.
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The company has doubled its workforce since 2020 to 100 staff, with a presence in London, Birmingham, Dublin, Liverpool, Sydney and Toronto, as well as remote team members in Brazil.
In October this year, Reynolds was selected to participate in Goldman Sachs’ Female Founders Cohort. She was also recognised as one of the Success Pitchers magazine’s Most Successful Businesswomen to Watch in 2022.