Sweep, which works in expense and travel management for small- to medium-sized businesses (SMBs), announced Wednesday (Jan. 13) that it hit its 2020 funding target, with around 1 million euros (about $1.2 million) in investments and grants this year, according to a report from EU-Startups.
The company’s most recent funding round in December raised 280,000 euros (about $341,000), the report stated. In another previous round, a grant from Innovate UK netted Sweep 512,000 euros (about $623,000).
Sweep’s new funding will go toward further developing existing tools and new features, which will help businesses manage their finances, according to the report. In addition, the company plans to announce a strategy this year for new features for its expense management product as well as a launch of a travel management platform.
Sweep was founded in 2017 and has focused in the past on automating essential business platforms to help boost efficiency and productivity, the report stated.
Sweep is powered by open banking technology, and the report noted it provides real-time transaction tracking and digital expense categorization, and it can automate financial reporting, analyze data and find new opportunities for savings.
Sweep Founder and CEO Billel Ridelle told EU-Startups that the company would continue to use open banking through 2021 to innovate further.
“Being a company that is dependent on employee mobility, 2020 proved a tough year,” he said, according to the report. “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 organizations drive better productivity and cost efficiencies.”
Travel spend is an industry that took a hit from the pandemic, and PYMNTS reported that industry stakeholders have largely shifted to support corporate customers also struggling through the current times.
Corporate travel technology firms are moving ahead to launch new tools for businesses as they ready for a travel and entertainment (T&E) comeback.