Irish fintech Swoop eyes US expansion with fresh funds

29 Jan 2025

Andrea Reynolds. Image: Swoop

CEO Andrea Reynolds said the partnership is a ‘pivotal moment’ for the company.

Irish fintech Swoop, the global business funding and savings platform, announced yesterday (28 January) a significant strategic investment from Sandbox Industries, the venture capital and consulting firm that specialises in the insurance sector, as well as healthcare and sustainability. According to the Business Post, the investment is understood to be a total of $6m.

In 2023, Swoop was awarded fastest-growing tech company in Ireland in the Deloitte Fast 50 annual ranking, making it the first start-up founded by a woman to win the accolade. Swoop is a global funding and savings platform that connects SMEs with loans, grants, equity funding and savings opportunities, and operates in the UK, Ireland, Australia, South Africa, Canada and the US.

“This partnership with Sandbox Industries marks a pivotal moment for Swoop,” said founder and CEO Andrea Reynolds. “It’s not just about scaling further but about strategically expanding into the US market with an investor partner that brings unmatched industry expertise and connections.”

“Together, we are well-positioned to transform the funding landscape for SMEs globally,” said managing partner and co-CEO of Sandbox Industries, Chris Zock. “We look at hundreds of companies globally in search of compelling investment opportunities. We believe Swoop has ‘cracked the code’ for small businesses in need of funding. Through its direct connections with verified data sources, Swoop short-circuits the otherwise inefficient and frustrating process of securing the right lending partner.”

Founded in 2017, Swoop pitches itself as a one-stop shop for small and medium-sized businesses to find the right funding across loans, equity and grants, and to identify and make savings easier ‘in one fell swoop’. It has recently expanded partnerships with big brands such as JustWorks, Flippa, and Sage.

Back in 2020, Reynolds laid out her vision for Swoop at Silicon Republic’s Future Human hybrid event, describing her wish to create a “finance buddy” for SMEs. With thousands of existing customers, Swoop sees US expansion as a significant opportunity, with small businesses representing 99.9pc of all US firms and employing nearly half of the private sector workforce. It is estimated that SMEs in the US face a financing gap of $1.2 trillion, making it an extremely attractive market for Swoop.

And in 2022, the start-up raised its own funding of €6.3m to accelerate its international expansion.

Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.

Ann O’Dea is the CEO and co-founder of Silicon Republic and the founder of Future Human

editorial@siliconrepublic.com