Sweep, an open banking Fintech that provides SMEs an expense and travel management platform, says it hit its 2020 funding target having raised £900,000 in investments and grants during 2020.
Sweep completed an offering on Seedrs in December raising £250,000 in a Future Fund backed round. The convertible was supported by 115 investors with the amount then matched by the Fund. The Seedrs offering follows a grant from Innovate UK of £456,000. Sweep reports that it has continued to grow throughout the year while raising capital during a key stage of the business’ growth.
Sweep’s latest fundraise will go towards developing existing tools, as well as developing new features to help UK businesses better manage their finances. This year, Sweep expects to announce new features to its expense management product, as well as launching a travel management platform.
Billel Ridelle, founder and CEO at Sweep, said:
“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. 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 an automated expense tracking platform in 2018 leveraging open banking technology to provide users with a transaction tracking system, smart payment categorization and real-time expense reporting.
