French banking-as-a-service (BaaS) platform Swan has raised €16m in Series A funding round led by Accel.

Swan’s returning investors Creandum and Bpifrance also participated in the latest round.

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The fintech intends to use the investment for European expansion and offer banking features that are designed for local EU markets.

As part of its European expansion plan, Swan aims to open its German office in early 2022.

Additionally, the funding will also be used for increasing the headcount in the sales, marketing, and finance department.

Established in 2019, Swan leverages the application programming interface (APIs) to enable firms to offer financial services.

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Swan’s APIs allows firms to integrate white-labelled banking services like accounts, cards, and IBANs into their existing workflows and UX.

Swan counts Agicap, Alma, Expensya, Fintecture, Mon Bel Appart, and Ride among its clients.

The fintech has raised nearly €21m till now. Last year, it raised €5m in seed funding from Creandum, BpiFrance’s Digital Venture fund and several business angels.

Swan has an e-money license regulated by France’s ACPR, which allows its clients to offer financial services while focusing on core business.

Last week, banking technology provider Temenos joined forces with Vodeno and Aion Bank to accelerate BaaS deployment in Europe.

The firms aim to address the complexities and regulatory hurdles of deploying embedded financial services in the region.

Earlier this month, ethical financial services company MoneeMint launched a BaaS solution for its clients in the UK and Europe.