Saturday 18 June 2022 | No. 32
XU Biweekly The independent news source for Xero users, by Xero users
Fintech Swoop lands £5.4 million funding for international expansion
Cape and GoCardless team up to launch instant bank pay to help SMEs improve cash flow
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S PART OF THIS PARTNERSHIP, BY WORKING WITH GOCARDLESS, CAPE WILL BE ONE THE FIRST SOFTWARE COMPANIES IN AUSTRALIA TO USE THE NEW PAYMENTS PLATFORM’S PAYTO INSTANT ACCOUNT-TO-ACCOUNT PAYMENT NETWORK, BACKED BY THE GOVERNMENT AND
LAUNCHING ON THE 1ST OF JULY. Cape customers will be able to schedule both recurring and one off repayments, to eliminate the stress and time associated with settling balances. The collaboration will underpin a core part of Cape’s payment infrastructure
which is currently powering our ‘Closed Beta’ program. We invited onboard our first set of early adopters to this after recently closing a $33.1 million debt and equity funding round, led by Aura Ventures, Investible, Mercury Capital principals and a handful of angel investors with notable roles at Atlassian, Stripe and LegalVision.
Keeping one eye on the future, GoCardless’ payment infrastructure will also provide Cape with the ability to seamlessly expand internationally , without the need to set upinternational entities and bank accounts. Together, Cape and GoCardless seek to solve cash...
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WOOP, THE ONESTOP MONEY SHOP FOR BUSINESSES AND THEIR TRUSTED ADVISORS, HAS RAISED £5.4M IN A SERIES A FUNDING ROUND TO ACCELERATE INTERNATIONAL EXPANSION AND HELP MORE ADVISORS ACCESS AN ARRAY OF FINANCING OPTIONS FOR THEIR CLIENTS. The funding announcement follows a surge in demand for SME financing, with revenues at Swoop forecasted to increase by 450% this year. Andrea Reynolds, CEO and Co-Founder of Swoop, said the funding would be used to expand into new markets, with a particular
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focus on North America. The fast-growing fintech is targeting the US through its existing operations in Canada and this follows the recent establishment of an Australian operation, in addition to its offices in the UK and Ireland. More than 75,000 businesses have already used Swoop’s software platform to investigate and access the wide range of funding sources, including equity, grants, loans and tax credits. Founded in 2017, Swoop will have 80 staff by the end of the summer, up from 60 at present. The Series A funding round includes investment...
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