Irish fintech Swoop awarded £2.5m under RBS bailout fund

This is second time company has secured financing from fund, having received £5m in 2019

Swoop was founded by Andrea Reynolds and Ciarán Burke in 2017. Photograph: Swoop

Swoop was founded by Andrea Reynolds and Ciarán Burke in 2017. Photograph: Swoop

 

Irish fintech start-up Swoop Finance has been awarded a further £2.5 million (€2.96m) from a fund established by banking giant RBS as part of its £45 billion bailout programme.

This is the second time the company has secured financing from the fund, having received £5 million from it in June 2019.

Swoop is one of three start-ups – along with British fintechs Codat and Cashplus – to be awarded a combined £12.5 million in grants under the latest round of the banking competition remedies (BCR) scheme.

The £775 million fund, which launched in 2018, was created as a condition on RBS for accepting a £45 billion bailout from the British government during the height of the financial crisis. It is intended to boost competition in the UK’s small business banking sector.

Founded by Andrea Reynolds, daughter of the late taoiseach Albert, and Ciarán Burke in 2017, Swoop has developed a technology platform designed to simplify and speed-up access to loans, grants and equity funding for SMEs.

Headquartered in Milton Keynes in England, Swoop employs close to 60 people and has raised an estimated €1.6 million to date from backers that include Velocity and Enterprise Ireland.