Sage and Swoop Partner to Help Small Businesses Access Funding

Sage, a provider of accounting and financial technology, has partnered with Swoop, a FinTech company specializing in funding solutions, to provide business funding and cost-savings solutions.

The partnership aims to provide small- to medium-sized businesses (SMBs) and their trusted advisors with easy access to a wide range of funding opportunities, the companies said in a Friday (Sept. 29) press release.

One of the key benefits of this partnership is the discounted price of the Swoop for Advisors platform for Sage accountants, according to the release. This platform allows accountants and business advisors to easily access grants, equity investment, traditional and alternative loans, and business savings for their clients.

In addition, with this collaboration, Swoop users can integrate their Sage Intacct and Sage Business Cloud Accounting software to uncover financial insights, unlock business savings and access tools such as cash flow forecasting, the release said.

The partnership also aims to reduce business costs in areas such as energy, banking and foreign exchange, per the release. By leveraging their combined expertise, Swoop and Sage aim to help businesses identify cost-saving opportunities and streamline the funding process.

Navigating the complex landscape of funding opportunities can be daunting for businesses, according to the press release. The partnership between Swoop and Sage aims to bridge this gap by providing a user-friendly platform that connects businesses and accountants with the financial resources. This includes grants, loans and equity investments, with a streamlined application and approval process.

“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,” Chip Mahan, global commercial head of FinTech, payments and banking at Sage, said.

“We are thrilled to partner with Sage to bring our funding expertise to businesses and advisors worldwide,” Andrea Reynolds, CEO at Swoop, said. “Together, we will simplify the path to financial empowerment for businesses of all sizes.”

PYMNTS Intelligence has found that only 26% of Main Street businesses across the U.S. have access to the equivalent of at least 60 days’ worth of revenue, and 17% have no ready access to emergency funding at all.

In this climate, SMBs are looking for ready sources of working capital, according to “Main Street Health Q1 2023: Using Finance to Ease Recession Fears,” a PYMNTS and Enigma collaboration.