Leading comparison website Compare the Market and financial platform Swoop Funding, have joined forces to improve access to finance for the UK’s small and medium-sized enterprises (SMEs).

This collaboration will provide businesses with easier access to a broad range of funding products, offering much-needed support in today’s challenging economic climate.

SMEs make up over 99% of the UK business population, playing a vital role in the country’s economy. Despite their importance, many of these businesses continue to face difficulties when it comes to securing finance. A 2023 report from the British Business Bank highlighted that 32% of SMEs struggle to obtain external financing, with a significant number citing a lack of awareness about available funding options as a major obstacle.

The partnership between Swoop Funding and Compare the Market aims to tackle this issue head-on. By integrating Swoop’s financial platform, which simplifies the process of finding funding, with Compare the Market’s popular and user-friendly interface, SMEs will now be able to access a wider variety of financing options with greater ease. This collaboration is particularly timely, as research from the Federation of Small Businesses reveals that 45% of UK SMEs remain unaware of the full range of funding options available to them.

Andrea Reynolds, CEO of Swoop Funding, emphasised the importance of this initiative, stating: “UK SMEs are the lifeblood of our economy, but too often they struggle to find the right funding to support their growth. 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.”

This new collaboration will also tap into the growing trend of alternative finance, which is projected to reach £14 billion in 2024. As non-traditional financing options continue to grow in popularity, the partnership between Swoop and Compare the Market will play a key role in ensuring that SMEs are able to explore and access these alternatives.

Bez Arbabzadah, Chief Financial Officer at Compare the Market, welcomed the partnership, saying: “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 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.”

With SMEs accounting for such a significant portion of the UK’s business landscape, this partnership aims to make a real difference by ensuring that businesses have the financial resources they need to grow and succeed. By combining the strengths of both platforms, Compare the Market and Swoop Funding hope to remove many of the barriers that have traditionally stood in the way of SMEs securing the finance they require.