By Miles founder raises $1m for financial planning startup Swallow
Callum Rimmer’s new startup's pre-Seed round was co-led by Connect Ventures and Jigsaw VC
UK-based financial pricing platform Swallow has just raised $1m pre-Seed.
Founded by By Miles founder Callum Rimmer, Swallow offers companies a no-code Software-as-a-Service platform aiming to make managing, optimising and updating pricing models easier and faster for businesses.
The startup was born out of Rimmer’s own frustrations around financial pricing models while running By Miles, which he grew to be the UK’s biggest pay-by-mile car insurer before it sold to Direct Line Group in 2023.
“In my previous role as a chief technology officer at a fast-growing insurtech, I’ve seen first-hand how unnecessarily complex and time-consuming it can be to push a simple price change live,” Rimmer said.
“Whether it’s due to disjointed collaboration, poor back-end systems or simply fighting with other tasks to get to the top of the priority queue, pricing operations all over the world are using platforms and processes that slow them down, introduce errors and ultimately cause their businesses to lose money by making the wrong decisions.”
Believing the product speaks for itself, Swallow is allowing pricing professionals to “implement, optimise and test” pricing models for free.
“Unlike a legacy enterprise solution, companies can switch to us with minimal hassle and cost, improving the speed and confidence of pricing changes for greater growth and profitability,” Rimmer added.
The pre-Seed round was co-led by Connect Ventures and Jigsaw VC, backer of Revolut and Tide.
“Pricing is a discipline we’ve felt has been heavily underfunded to date given its disproportionate impact on the bottom line,” Jigsaw managing partner Dan Smith said.
“The insurance sector offers a perfect storm for Swallow: a trillion dollar industry with huge price sensitivity and a reliance on pricing models built by actuaries on spreadsheets or legacy tech.”
Aiming to redefine how businesses get their financial products in front of customers, Swallow says it wants businesses of any size to be able to build and publish pricing models in hours instead of weeks by taking care of process, testing, publishing and data.