Sweep, the expense and travel management platform for SMEs, has today announced that it hit its 2020 funding target and achieved a total of around €1 million in investments and grants this year.
The company’s most recent Seedrs fundraising campaign in December, where the amount raised totalled around €280K, follows a previous grant from Innovate UK of around €512K.
Founded in 2017, Sweep has a strong focus on automating essential business processes that will help drive efficiency and productivity in a post-COVID economy. Powered by Open Banking technology, Sweep provides real time transaction tracking and digital expense categorization, creating reports and analysis with just a few clicks. It automates financial reporting, analyses data and finds new opportunities for savings. Overall, Sweep saves up to 15 hours a month on data input and travel administration per employee, and prevents expense fraud by automating transactions and policy checks.
The company’s latest fundraise will both go towards further developing existing tools, as well developing new features to help businesses better manage their finances. 2021 will also see the company announce new features to its expense management product, as well as launching a travel management platform.
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: “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 a fully automated expense tracking platform in 2018. The 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.