London-based Sweep, an expense and travel management platform for SMEs is powered by open banking technology that uses simplified tools. It is evident that Sweep has continued to grow all throughout the year and has bagged significant capital during the main phase of its growth.
Raises nearly £1M
Now, the company has announced that it has hit its 2020 funding target and raised £900,000 investments and grants this year. The company has raised £250,000 funds from Seedrs and British Business Bank’s Future Fund in December and £456,000 grant previously from Innovate UK.
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: “Our offering will be key to helping organisations drive better productivity and cost efficiencies.”
Sweep focuses on automating essential business processes that will drive efficiency and productivity in the post COVID-19 economy. With the latest round of funding, the company intends to develop existing tools and new features that will help businesses in the UK to better manage their finances. Sweep believes that in 2021, they will see the company rollout new features to its expense management product and launch a travel management platform as well.
What does Sweep do?
Founded by Billel Ridelle in 2017, Sweep launched a fully automated expense tracking platform in 2018. The app has been built from the scratch to leverage open banking technology to provide users with a fully automated transaction tracking system, smart payment categorisation and real-time expense reporting.
It provides real-time digital expense categorisation and transaction tracking and creates analysis and reports in just a few clicks. Also, the company automates financial reporting, finds new opportunities for savings and analyses your data. Sweep claims to save up to 15 hours a month on data input and travel administration per employee and prevent expense fraud by automating transactions and policy checks.
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