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 Sequence B spherical that was initially introduced in September 2023.
Swan helps different corporations supply 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, approved retailers, and extra.
It may well additionally create fee accounts with a person IBAN. This fashion, accounts assist pay-ins, pay-outs, and even SEPA direct debits. These accounts can be utilized because the supply of cash for the fee playing cards.
A number of fast-growing corporations have chosen Swan as their embedded banking associate. As an illustration, Pennylane, a French accounting startup that turned a unicorn final yr, now provides accounts and fee 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 current traders Lakestar, Accel, Creandum, Hexa, and Bpifrance taking part once more; Bpifrance initially invested in Swan’s seed spherical by way of its Digital Enterprise fund.
“We imagine the embedded finance alternative is immense, and that banking companies will more and more be supplied straight the place customers are, inside current software program and workflows. We’ve recognized Nicolas and his workforce 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 an announcement.
Whereas the corporate isn’t disclosing its valuation, Swan’s co-founder and CEO Nicolas Benady informed TechCrunch that it’s greater than it was once. “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 may well supply native IBANs and add country-specific fee merchandise.
As for Swan’s clients, having the choice to deal with cash with out dealing with cash straight is an fascinating alternative. Swan handles compliance and KYC obligations (“know your buyer”). With Thursday’s funding spherical, Swan will proceed to broaden to extra nations, with Italy being subsequent on the roadmap.
