International fintech Swoop has added to its Australian portfolio with the launch of Advisor Portal, a platform that supports accountants in helping their clients find finance.
Advisor Portal uses Swoop’s product-matching technology to deliver funding across the complete range of options, from government grants through to finance and equity.
The UK-based founder and chief executive of Swoop, Andrea Reynolds, said small businesses frequently turned to accountants first when they needed more capital and Advisor Portal was answering a need.
“Accountants are often the first people business owners ask about funding,” she said. “In the past, finding the right grant or financial product meant hours of searching for the best deals – and you never know if there is a better deal around the corner.
“As a trained accountant, I have seen how the industry has needed this technology and support for a long time.
“By helping advisers develop the confidence and knowledge to see their clients through their funding journey, Swoop is putting accountants at the heart of a thriving SME sector.”
Swoop’s Australian sales and strategy manager Cynthia De Vera said accountants here were already using the platform, especially for government grants, and its range of options gave Advisor Platform the edge.
“Anything to do with commercial loans, or government grants or equity leases, we have that all in the one place,” she said.
“Traditionally, what accountants would do in Australia is they will tell their customers to go solve their own funding – speak to your bank manager and then with a broker – and usually you have to find someone that’s quite specialised.
“This platform allows them to speak to one person in the one company.”
She said the software could pre-qualify applications and help steer the client to the appropriate result, increasing their chances of success.
The platform even offered access to one lender that specialised in borrowing based on cryptocurrency assets.
“For example, if a small business has Bitcoin and they need to pay out their ATO tax but they don’t want to draw down from their Bitcoin wallet, what they can do is use a lender who will give them up to 50 per cent of their wallet,” she said.
Swoop said the technology had been in development for more than a year, with Australian localisation taking three to four months.
It arrived in tandem with a CPD-accredited course designed to give accountants knowledge and expertise in the area of business funding.