- Streeva is an award-winning fintech startup, on a mission to automate tax for individuals, organisations and governments. Streeva is a team of 8 and is working closely with the UK tax authority, HMRC, and other organisations to provide tax automation services across whole sectors.
- Streeva is responsible for inventing Swiftaid, which is the first-ever universal solution for charitable tax relief. Swiftaid has over 5.8 million users and is the first solution recognised by HMRC to automate Gift Aid on contactless donations.
- Each year charities lose around £564 million due to the inefficiencies in claiming Gift Aid. Using Swiftaid, UK charities can maximise their Gift Aid income by simply unlocking unclaimed Gift Aid as well as reducing the administration linked to Gift Aid processing by over 90%.
Website: https://streeva.com/
What is Streeva?
Streeva was founded through the frustration of manually reconciling receipts for expenses. Engineering a way in which receipts could be attached to payments without needing to change the underlying payments network or compromising privacy for all parties involved. Streeva soon realised that their technology could help solve multiple challenges and that the UK charity industry was an obvious place to start.
In 2018, co-founders and siblings David and Beth Michael worked with the University of Surrey, co-funded by Innovate UK, to develop Swiftaid. The project resulted in a pilot with Visa and the Natural History Museum where Swiftaid was recognised by HMRC as the first solution to automate Gift Aid on contactless donations.
“Data privacy is central to what we do. Individuals shouldn’t have to hand over and lose control of their personal data in order to benefit from digital solutions. As the world of payment innovation continues to thrive, we have discovered a plethora of opportunities for this technology that can be used for good. From automating expenses to solving fundamental challenges that economies are built on.” – Beth Michael, Co-Founder at Streeva
Want to be featured as TechRound’s Startup of the Week? Find out more about this weekly feature, and how to get involved, here.
Is there a market for Swiftaid in the charity sector?
Since 1990, Gift Aid has been a significant tax benefit for charities and yet 30 years on, the majority is going unclaimed with over 60% of charities not benefitting. The administrative burden has precluded charities, as well as the rise in contactless, which is predicted to rise to 1.8 billion in 5 years, creating an additional 450 million in GIft Aid on top of the half a billion already missed.,
Swiftaid has entered the sector to simplify all aspects of Gift Aid. It helps any size charity that takes Gift Aid qualifying donations to take automatic advantage of it. The startup has built a growing network of over 5.8 million UK taxpayers, to create declarations on their behalf across many donation methods.
The platform reduces the 25% of extra funding missed by allowing charities to check against these millions of donors. So far, Swiftaid has partnered with charities and platforms such as Comic Relief, Crowdfunder and JustGiving.
Swiftaid is now working with charity industry leaders in an active effort to automate Gift Aid across all donation methods. ‘The Future of Gift Aid’ project looks to leverage its technology by implementing Swiftaid as an industry-wide solution. Along with automating the entire Gift Aid process, Swiftaid is working closely with HMRC to enable the use of an individual’s tax status to determine, automatically, if a Gift Aid declaration is valid.
How do you sign up to Swiftaid?
Find out more about how it works with charities and donors: https://www.swiftaid.co.uk/
