Sage has forged a global partnership with Swoop, the one-stop shop for business funding. The partnership intends to offer businesses and accountants access to various funding opportunities. The announcement is coupled with already completed integrations, enabling the partnership to bring instant value to all parties.
Swoop Fundings for Business Users is already available on the Sage Marketplace in the US, UK and Canada at least. It does not have a listing on the French marketplace yet, though. Swoop Funding for Advisors is also available. The applications integrate with Sage Accounting. There is also access available for Sage Intacct users, with Swoop having a listing on the Sage Intacct marketplace. This is available in the US and the UK only.
Chip Mahan, Global Commercial Head of Fintech, Payments and banking at Sage, commented, “In a world full of fluctuations, with inflation and interest rates on the rise, businesses are facing unprecedented challenges, so it is important to make business finance more accessible and less daunting. This partnership with Swoop aligns perfectly with our mission and will make accessing essential financial capital quick and easy, ensuring businesses have the support they need to succeed.”
Why is funding so important?
Sage and partners worldwide have identified that a lack of access to capital restricts the growth of organisations. In the US, research, in partnership with the BOSS Network, found that only 5% of the surveyed Black women founders have been able to secure funding through business loans or venture capital funds. This is despite that sector being one of the most successful entrepreneurs in the US. With growth rates of 18% since 2017.
To address this, Sage and the BOSS Network launched the Invest in Progress programme in 2022. The partnership with Swoop looks to further enhance this.
In the UK, the Sage Foundation identified the same issue in research published last month. The Underserved Entrepreneurs Research report identified that lack of financial capital, lack of mentorship, and limited training opportunities hinder six key groups of entrepreneurs across the UK.
The challenge is global, with Micheál Martin, Tánaiste (Deputy Prime Minister) and Minister for Foreign Affairs, Ireland, said, “I am delighted to acknowledge both Swoop and Sage in the development of an effective funding platform for the small and medium enterprise sector. The innovative combination of the advanced technology platform of Swoop combined with Sage’s globally recognised cloud-based accounting software will provide great assistance to company leaders as they look to funding options.”
In the US, The Sage does more
Extending its relationship between the Sage Foundation and the BOSS network, Sage also announced:
- Up to 150 women entrepreneurs in Atlanta will be provided a three-year membership to The BOSS Network. As well as one year of training access for up to 150 Atlanta women founders (including the commission). Giving them access to The BOSS Network, resources, support, and events.
- Seven+ grants from the Invest in Progress program to go to founders in Atlanta (valued at up to $70k).
- Custom pieces of training through BOSS Business University, Sage, and Swoop for the Atlanta cohort of Invest in Progress recipients in response to the themes identified in the report, including finance training and resources for access to capital.
Swoop Funding for Business Users
In partnership with Sage, Swoop will provide easier access to financial capital. It helps businesses access grants, equity funding, commercial mortgages, and business loans. The application can also help organisations identify and reduce energy, foreign exchange, insurance, and banking expenditures.
Access to capital is often time-consuming and confusing. Swoop helps to cut that time down, identifying the best matches from over 1,000 mainstream banks & alternative lending providers. Swoop also advises finance professionals to assist organisations through their funding journey.
For Sage Intacct users, the integration grants access to cash flow forecasting capabilities, and assists with all the other advantages noted above.
Swoop Funding for Advisors offers accountants access to Swoop to assist clients with funding advice. The application also has a review with Michael Zouvani, a (former) finance manager at Aston Shaw Accountants, who commented, “Our business has gone from strength to strength with the help of Swoop. The knowledge and quality of advice from the whole team at Swoop has played an exceptional part in delivering a smooth, effective, reliable and proficient service from start to finish.
“The personal service delivered allows me and my team to feel as one with them, it is very much like being part of their family. There is always someone at the end of a phone or email, no matter what the query is.”
Swoop is also offering 3 months free, when Sage Accountants sign up to Swoop for Advisors on a 12-month contract. Andrea Reynolds, CEO of Swoop, echoed these sentiments, stating, “We are thrilled to partner with Sage to bring our funding expertise to businesses and advisors worldwide. Together, we will simplify the path to financial empowerment for businesses of all sizes.”
Enterprise Times: What does this mean
While much of the Sage research is devoted to minority-owned businesses, the lack of funding opportunities impacts the business ecosystem. This partnership already demonstrates that it can provide unbiased access to firms of every kind. It is unusual that it already has a review, even before the announcement was made. Though it does show the integrations have been in place for some time, as Zouvani’s post was made in February.
Organisations seeking funding should consider the Swoop integration because it should cut down the time taken to access funding. The advice can help prepare your business for such funding.
It should be noted that Swoop has not cornered every option for funding with other suggestions made in this recent blog. Also, Stephen Hemmings of Menzies flagged some advice for organisations seeking funding in this blog.
Overall, this is a very useful addition to the Sage Marketplace. It will benefit both Swoop and Sage and its customers. For Swoop, it offers access to a large volume of accountants and businesses across the regions Sage operates in. For Sage, it provides a means to make customers more successful and grow their businesses. There is, however, no indication when Swoop will be made available in other regions Sage operates in.
