Swing Education Turns to Bridge Bank to Finance a Substitute Teaching Revolution
We wanted to make sure we were going somewhere that balanced supporting us as a startup but also had legitimacy behind it to mitigate risk for us. There was a stark difference between Bridge Bank and the bigger banks that may not necessarily understand our dynamics.
Substitute teaching is big business: Every year, nearly 600,000 substitute teachers cover more than 30 million teacher absences in K–12 schools across the country, according to the Bureau of Labor Statistics. Yet 20% of substitute teacher requests go unfilled, interrupting student learning.
Swing Education is tackling this $20 billion market opportunity by providing a technology-enabled marketplace that makes it easier for schools and substitutes to connect. By applying concepts of gig economy marketplaces, Swing attracts people wanting to have flexibility in how they work and make an impact. With Swing, first-time subs get into the classroom five weeks faster and are paid faster and more competitively, with added transparency into the experience.
For Swing, funding is a crucial piece of the puzzle, especially given education’s seasonality, says Swing CEO and Co-Founder Asha Visweswaran. “I definitely recommend Bridge Bank to others. For us, a big part of the impact we want to have is paying substitute teachers quickly, even if we’re not seeing our payment from a school district. We are balancing the needs of two very different user bases, and what Bridge Bank offers is a critical piece of our being able to realize that mission.”
That mission is working: Swing schools across the country are improving fill rates by more than 15%. In2024, Fast Company recognized Swing Education as one of its Most Innovative Companies.
Swing has raised more than $62 million in venture funding to invest in its growth and better address the nationwide substitute teacher shortage. The company selected Bridge Bank to provide a $15 million asset-based lending line of credit and a $5 million venture debt facility. Swing also centralized its financial services by moving the majority of its banking to Bridge Bank.
“The process of moving our accounts was pleasantly smooth. Our bankers were very responsive. We had a point person we could reach out to at any point in time, making sure we felt heard and supported,” Visweswaran notes.
Swing’s team also valued Bridge Bank’s 20-plus years of staying power and experience lending to venture capital backed technology companies while being powered by Western Alliance Bank.
“We wanted to make sure we were going somewhere that balanced supporting us as a startup but also had legitimacy behind it to mitigate risk for us,” says Visweswaran. “There was a stark difference between Bridge Bank and the bigger banks that may not necessarily understand our dynamics. At Bridge Bank, there was a curiosity level that came through, an inclination to want to understand. Bridge Bank took a consultative approach versus creating a cookie-cutter solution.”