LONDON, Sept. 16, 2024 /PRNewswire/ -- Swoop Funding, the leading financial platform that streamlines access to business funding, is proud to announce its new partnership with Compare the Market, one of the UK's leading comparison websites. This collaboration aims to provide UK small and medium-sized enterprises (SMEs) with even greater access to the diverse range of funding products to help them thrive in today's economic environment.
In 2023 SMEs accounted for over 99% of the business population, however, despite their significance, many SMEs continue to face substantial barriers when it comes to securing the finance they need. A 2023 report by the British Business Bank revealed that 32% of SMEs found it difficult to obtain external financing, with many citing a lack of awareness about available options as a major obstacle.
The new partnership between Swoop Funding and Compare the Market directly addresses this challenge. By integrating Swoop's advanced funding platform with Compare the Market's extensive reach and user-friendly interface, SMEs will now have easier access to a wide range of financing options. This collaboration is particularly timely given that an estimated 45% of SMEs in UK are unaware of the full range of funding options available to them, according to the Federation of Small Businesses.
"UK SMEs are the lifeblood of our economy, but too often they struggle to find the right funding to support their growth," said Andrea Reynolds, CEO of Swoop Funding. "Our partnership with Compare the Market is designed to remove these barriers by providing a simple, one-stop solution where SMEs can compare and access financial products tailored to their specific needs. Together, we are committed to empowering SMEs to navigate the financial landscape with confidence."
The partnership will also tap into the growing trend of alternative finance, which is expected to reach approximately £14 billion in 2024. This surge underscores the importance of making non-traditional financing options more accessible, one of this partnership's key goals.
Bez Arbabzadah, Chief Financial Officer at Compare the Market, commented, "At Compare the Market, our purpose is to make great financial decision making a breeze for everyone. By partnering with Swoop Funding, we are enhancing our customer offering to deliver helpful and important financial solutions to the businesses that need them most. We hope that this partnership will help SMEs thrive and enable them to seize new opportunities for growth."
The Swoop Funding and Compare the Market partnership is now live, offering SMEs an enhanced experience in finding and securing the funding they need to succeed. For more information, visit https://www.comparethemarket.com/business-finance/.
For media inquiries, please contact:
Swoop Funding: Charlotte Forsberg: charlotte@swoopfunding.com
Compare the Market: Press office: pressoffice@comparethemarket.com
About Swoop Funding
Swoop Funding is a comprehensive financial platform that helps businesses discover and access the right funding solutions across loans, equity, and grants. By working with over 1,000 funding providers, Swoop ensures that businesses can secure the financing they need, when they need it.
About Compare the Market
Compare the Market was launched in 2006 and has grown rapidly over the past eighteen years to become one of the UK's leading price comparison websites.
Compare the Market provides customers with an easy way to make the right choice for them on a wide range of products including motor, home, life, travel and pet insurance as well as utilities and money products such as credit cards and loans.
Compare the Market actively works with its brand partners to help provide great services to customers.
Compare the Market is a trading name of Compare The Market Limited. Registered in England No. 10636682. Registered Office: Pegasus House, Bakewell Road, Orton Southgate, Peterborough, PE2 6YS. Compare The Market Limited is authorised and regulated by the Financial Conduct Authority for insurance distribution (Firm Reference Number: 778488). Energy and Digital products are not regulated by the FCA.
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