Introduction
UK-based financial pricing platform Swallow has recently secured $1 million in pre-seed funding. The startup, founded by By Miles founder Callum Rimmer, offers companies a no-code Software-as-a-Service platform that aims to simplify and accelerate the management, optimization, and updating of pricing models for businesses.
The Need for Swallow
The idea for Swallow emerged from Rimmer’s own experiences while running By Miles, the UK’s largest pay-by-mile car insurer. Rimmer encountered numerous frustrations with complex and time-consuming financial pricing models. These challenges stemmed from disjointed collaboration, inefficient back-end systems, and competing priorities that slowed down the implementation of simple price changes.
Rimmer lamented, ‘Pricing operations worldwide are hindered by platforms and processes that impede progress, introduce errors, and result in financial losses due to poor decision-making.’
Swallow’s Solution
Swallow aims to address these challenges by offering pricing professionals a no-code platform where they can freely implement, optimize, and test pricing models. Unlike traditional enterprise solutions, Swallow boasts a hassle-free transition process and affordability. By improving the speed and confidence of pricing changes, Swallow enables businesses to achieve greater growth and profitability.
Pre-Seed Funding
The pre-seed funding round, totaling $1 million, was co-led by Connect Ventures and Jigsaw VC, known for their backing of successful fintech companies Revolut and Tide. Jigsaw managing partner Dan Smith emphasized the significance of pricing as a discipline that has historically been underfunded, despite its significant impact on a company’s bottom line. Swallow aims to capitalize on the opportunities presented by the insurance sector, a trillion-dollar industry that heavily relies on pricing models built on spreadsheets or legacy technology.
Revolutionizing Financial Product Distribution
Swallow’s ultimate goal is to redefine how businesses bring their financial products to customers. Their platform enables businesses of all sizes to rapidly build and publish pricing models within hours instead of weeks. Swallow handles the entire process, including testing, publishing, and data management, allowing businesses to focus on providing value to their customers.
