Sweep, the expense and travel management platform for SMEs, has today announced that it hit its 2020 funding target and achieved a total of £900,000 in investments and grants this year.

The company’s most recent Seedrs fundraising campaign in December, where the amount raised totalled £250,000, follows a previous grant from Innovate UK of £456,000. Despite tough market conditions, Sweep has continued to grow throughout the year and raise significant capital during a key stage of the business’ growth.

Sweep has a strong focus on automating essential business processes that will help drive efficiency and productivity in a post COVID economy. The company’s latest fundraise will both go towards further developing existing tools, as well developing new features to help UK businesses better manage their finances. 2021 will also see the company announce new features to its expense management product, as well as launching a travel management platform.

Billel Ridelle, Founder and CEO at Sweep, commented: “We are excited to announce this latest funding round and overwhelmed with the drive and support behind the Seedr campaign. We go into 2021 with a strong proposition as we continue using the power of Open Banking technology to drive our product innovation.”

He continued: “Being a company that is dependent on employee mobility, 2020 proved a tough year. However, our customers - small and medium sized businesses - are now more focused than ever on gaining better insight, visibility and control over how their money is being spent. Our offering will be key to helping organisations drive better productivity and cost efficiencies.”

Sweep launched a fully automated expense tracking platform in 2018. The app has been built from the ground up, leveraging open banking technology to provide users with a fully automated transaction tracking system, smart payment categorisation and real-time expense reporting.