BaaS fintech Swan plans European expansion with €37m Series B
French fintech Swan has raised €37 million in a Lakestar-led Series B funding round as it seeks to expand its Banking-as-a-Service (BaaS) technology across Europe.
BaaS fintech Swan raises €37m Series B
Existing investors, including Accel, Creandum, Bpifrance and start-up studio eFounders, are also believed to have participated in the round.
Founded in 2020 and headquartered in Paris, France, Swan provides white-label embedded finance solutions to companies looking to embed banking features, including accounts, cards and IBANs, into their user experience and workflows.
The fintech previously raised €16 million in its Series A of October 2021, which was led by Accel.
Leveraging its e-money licence from the Central Bank of France and existing presence in Spain and Germany, the fintech says the new round of funding will enable it to achieve “continued internationalisation” with the intention of launching in the Netherlands “in the coming months” and then in Italy early next year.
It also plans to develop its enterprise capabilities with a new payment collection solution and additional lending products tailored to the specific needs of larger organisations.
“Swan is on a mission to build the leading tech-driven bank in Europe,” comments Swan’s co-founder and CEO, Nico Benady, who attributes the firm’s commercial success to “the simplicity and scalability” of its BaaS technology.
He claims that its customers experience “up to 200% ROI” on projects in the first three months, and that some have been able to launch “in a matter of days”.
As part of its investment, Lakestar, a venture capital firm based in London, UK, has appointed its principal, Georgia Watson, to Swan’s board.
“Businesses today are under increasing pressure to not only diversify their revenue streams, but also deliver financial products right at the point of user need,” comments Watson. “Swan makes this possible and shows immense potential to scale this offering across different markets and verticals.”
