French start Swan has raised € 42m (about $ 44 million in current exchange rates). The company considers this round as the second part of Serie B round that was originally announced in September 2023.
SWAN helps other companies offer scale financial products. The company can generate virtual and physical cards working with Apple Pay and Google Pay. Cards can be programmed programfully by SWAN corporate customers with expense limits, authorized traders and more.
Can also create payment accounts with an individual iban. In this way, accounts support payments, payments, and even direct debts of the Sepa. These accounts can be used as a source of money for payment cards.
Some fast -growing companies have chosen Swan as their embedded bank partner. For example, Pennylane, a French accounting beginning that became unicorn last year, now offers accounts and payment cards to its customers and relies on SWAN for those features.
Similarly, Indy, a comprehensive administrative assistant for independence, returned to Swan to add accounts and cards to its offers. Other customers include Agicap, Factial, Lucca and Sesame.
In general, Swan works with 150 companies and processes 1.5 billion euros in monthly transactions.
Eight Ventures Road is leading the second tranche with existing lakestar investors, Accel, Creandum, Hexa and Bpiprance again; Bpiprance initially invested in the SWAN seed round through its digital venture fund.
“We believe that the embedded option of finance is extraordinary, and that banking services will be more and more directly offered where users are, within existing software and workflows. We have known Nicolas and his team since the days The first of them and we are constantly impressed by their rapid progress, the basis of Tier 1 clients and the successful international expansion, “partner said Ventures Lucile Cornet in a statement.
While the company is not revealing its rating, Swan Nicolas Benady’s co -founder and CEO told Techcrunch it is higher than it was. “We are not unicorn yet, so we do not mention it,” he said.
While many startup Fintech are building products on top of APIs and other Fintech products, Swan has built its basic banking system. That is why it can offer local Ibans and add specific payment products to the country.
As for SWAN’s customers, having the opportunity to handle money without dealing directly is an interesting opportunity. Swan deals with the compatibility and obligations of KEC (“know your client”). With the round of Thursday’s funding, Swan will continue to expand to more places, with other Italy on the road map.
