French startup Swan has raised one other €42 million (round $44 million at present alternate charges). The corporate considers this spherical because the second a part of the Collection B spherical that was initially introduced in September 2024.
Swan helps different firms provide monetary merchandise at scale. The corporate can generate each digital and bodily playing cards that work with Apple Pay and Google Pay. Playing cards will be configured programmatically by Swan’s company purchasers with spending limits, licensed retailers, and extra.
It will possibly additionally create cost accounts with a person IBAN. This manner, accounts assist pay-ins, pay-outs, and even SEPA direct debits. These accounts can be utilized because the supply of cash for the cost playing cards.
A number of fast-growing firms have chosen Swan as their embedded banking associate. For example, Pennylane, a French accounting startup that turned a unicorn final 12 months, now gives accounts and cost playing cards to its prospects and depends on Swan for these options.
Equally, Indy, an all-in-one administrative assistant for freelancers, turned to Swan so as to add accounts and playing cards to its choices. Different prospects embody Agicap, Factorial, Lucca, and Sesame.
Total, Swan works with 150 firms and processes €1.5 billion in month-to-month transactions.
Eight Street Ventures is main the second tranche with present buyers Lakestar, Accel, Creandum, Hexa, and Bpifrance collaborating once more; Bpifrance initially invested in Swan’s seed spherical by way of its Digital Enterprise fund.
“We consider the embedded finance alternative is immense, and that banking providers will more and more be provided straight the place customers are, inside present software program and workflows. We’ve identified Nicolas and his staff since their early days and have been constantly impressed by their speedy progress, Tier 1 buyer base, and profitable worldwide enlargement,” Eight Roads Ventures associate Lucile Cornet mentioned in a press release.
Whereas the corporate isn’t disclosing its valuation, Swan’s co-founder and CEO Nicolas Benady advised TechCrunch that it’s increased than it was. “We’re not a unicorn but, so we don’t point out it,” he mentioned.
Whereas many fintech startups are constructing merchandise on high of different fintech APIs and merchandise, Swan has constructed its personal core banking system. That’s why it will possibly provide native IBANs and add country-specific cost merchandise.
As for Swan’s prospects, having the choice to deal with cash with out dealing with cash straight is an attention-grabbing alternative. Swan handles compliance and KYC obligations (“know your buyer”). With Thursday’s funding spherical, Swan will proceed to develop to extra nations, with Italy being subsequent on the roadmap.
