UK-based financial pricing platform Swallow has recently secured $1 million in a pre-seed funding round. The startup, founded by Callum Rimmer, the founder of By Miles, aims to revolutionize pricing models for businesses by offering a no-code Software-as-a-Service (SaaS) platform. The platform streamlines the management, optimization, and updating of pricing models, making the process easier and faster.
The Inspiration Behind Swallow
The idea for Swallow came from Rimmer’s personal frustrations with financial pricing models while running By Miles. By Miles, which was the UK’s largest pay-by-mile car insurer, was sold to Direct Line Group in 2023. Rimmer, who previously served as the Chief Technology Officer at a fast-growing insurtech, witnessed firsthand the complexities and time-consuming nature of implementing price changes. He identified various challenges, including disjointed collaboration, poor backend systems, and competing tasks in the priority queue.
Rimmer explained, ‘Pricing operations globally face hurdles that slow them down, introduce errors, and lead to financial losses due to wrong decisions. Swallow aims to simplify and streamline this process, enabling pricing professionals to implement, optimize, and test pricing models efficiently and effectively.’
The Swallow Advantage
Swallow is positioning itself as a user-friendly alternative to legacy enterprise solutions. The platform allows companies to seamlessly transition to Swallow’s SaaS platform with minimal hassle and cost, facilitating faster and more confident pricing changes. By leveraging Swallow, businesses can enhance their growth and profitability.
The Pre-Seed Funding Round
Swallow’s pre-seed funding round raised $1 million and was co-led by Connect Ventures and Jigsaw VC. Jigsaw VC, known for backing successful fintech companies like Revolut and Tide, recognized the huge potential in Swallow’s approach to pricing models. Jigsaw Managing Partner Dan Smith highlighted the underfunding of the pricing discipline, despite its significant impact on the bottom line. The insurance sector, in particular, presents a perfect opportunity for Swallow, given its reliance on pricing models built on spreadsheets or legacy technology.
The Future of Swallow
Swallow’s mission is to redefine how businesses present their financial products to customers. The company aims to empower businesses of all sizes to build and publish pricing models in a matter of hours instead of weeks. Swallow takes care of the entire process, from testing and publishing to data management, relieving businesses of the usual complexities involved in pricing models.