French startup Swan has raised one other €42 million (round $44 million at present change charges). The corporate considers this spherical because the second a part of the Sequence B spherical that was initially introduced in September 2024.
Swan helps different corporations 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 could be configured programmatically by Swan’s company purchasers with spending limits, licensed retailers, and extra.
It may possibly additionally create cost accounts with a person IBAN. This manner, accounts help 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 corporations have chosen Swan as their embedded banking accomplice. As an illustration, Pennylane, a French accounting startup that became a unicorn final yr, now presents accounts and cost playing cards to its clients 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 clients embody Agicap, Factorial, Lucca, and Sesame.
General, Swan works with 150 corporations and processes €1.5 billion in month-to-month transactions.
Eight Highway Ventures is main the second tranche with present traders Lakestar, Accel, Creandum, Hexa, and Bpifrance taking part once more; Bpifrance initially invested in Swan’s seed spherical by its Digital Enterprise fund.
“We imagine the embedded finance alternative is immense, and that banking providers will more and more be supplied instantly the place customers are, inside present software program and workflows. We’ve recognized Nicolas and his workforce since their early days and have been persistently impressed by their fast progress, Tier 1 buyer base, and profitable worldwide growth,” Eight Roads Ventures accomplice 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 larger 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 probably provide native IBANs and add country-specific cost merchandise.
As for Swan’s clients, having the choice to deal with cash with out dealing with cash instantly is an fascinating alternative. Swan handles compliance and KYC obligations (“know your buyer”). With Thursday’s funding spherical, Swan will proceed to develop to extra international locations, with Italy being subsequent on the roadmap.