French fintech company Swan has raised €42m ($43.6m) in a Series B funding round to expand embedded banking across Europe.
The investment round, spearheaded by Eight Roads Ventures, saw contributions from existing investors, including Lakestar, Accel, Creandum, Hexa, and BPI France.
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Launched in Paris in 2019, Swan enables companies to offer financial services without the need for direct regulatory oversight.
Through partnerships with clients such as Pennylane, an accounting software provider, and Indy, a platform for freelancers, Swan facilitates the integration of account management and payment processing functionalities, allowing businesses to streamline payments and reconciliations on one unified platform.
This new capital injection will enable Swan to enhance its support for companies at the forefront of the embedded banking transformation.
“With this new funding, we are more focused than ever on supporting the companies that are truly driving this shift. Together with our partners, we are shaping a future where embedded banking is expected, intuitive, and available to everyone”, it said in a statement.
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By GlobalDataSince its initial Series B announcement in September 2023, Swan has expanded its operations into the Netherlands and Italy.
The company has been providing International Bank Account Number and bespoke payment solutions that cater specifically to the needs of these markets.
This move is said to have contributed to Swan’s considerable growth, with the company reporting a 250% increase in monthly revenue and transaction volumes, alongside a 370% surge in card issuance.
Swan founder and CEO Nicolas Benady said: “In the future, I believe business management software will become a key distributor of banking services. Whether it is for HR or Accounting, these tools will offer banking features seamlessly integrated into the user’s workflow.
“This means you will have access to banking services right when you need them, directly in the tool you are using. We call this embedded banking. At Swan, we are working hard to provide both the technology and compliance framework to make this a reality for SMEs across Europe.”
