Sweep Boosts Fundraising Efforts With Seedrs
- Open Banking , Investment , Management
- 09.11.2020 08:05 pm
Sweep, the expense and travel management platform for SMEs, is today launching a Seedrs fundraising campaign as it continues it’s to raise capital during a key stage of the business’ growth. The UK headquartered business aims to raise £200,000 and use The Future Fund to double this to £400,000.
The future fund, delivered by the British Business Bank, offers convertible loans ranging from £125,000 to £5m from the government, subject to an equal match funding from private investors.
Sweep’s latest fundraise will both go towards further developing existing tools, as well developing new features to help UK businesses better manage their finances. Their focus is on automating essential business processes that will help drive efficiency and productivity in a post COVID economy.
Billel Ridelle, Founder and CEO at Sweep, commented: “We want to continue using the power of Open Banking technology to drive innovation and help SME’s gain better insight, visibility and control over where their money is going. This means not only doubling down on our Sweep Expenses management tool but also developing new products and services that manage bills, invoices, and cashflow.”
This latest grant follows a period of significant growth since the company launched in 2018. Sweep provides a fully automated expense tracking platform designed specifically to meet the requirements of start-ups and small and medium enterprises (SMEs). The new 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.