BaaS fintech Swan raises €42m for European expansion
Embedded banking fintech Swan has received €42 million in additional Series B funding.
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Swan plots expansion with fresh €42m Series B investment
Eight Road Ventures spearheaded the round, which adds to the €37 million Swan secured in its first Series B in 2023, led by Lakestar.
Lakestar returned for this second allocation, accompanied by existing investors BPI France, Creandum, Accel and Hexa.
The fintech, founded in 2019, has now raised €100 million in equity to date, according to a statement made by Benelux country lead Marnix van Deursen, who shared the update via LinkedIn.
While the start-up’s new valuation hasn’t been disclosed, CEO and co-founder Nicolas Benady confirmed in comments to TechCrunch that “we’re not a unicorn yet”.
The funds will be used to expand into new markets, per a post on its website. Swan, based in Paris, France, launched in the Netherlands in 2023 and Italy in 2024, with the UK and Belgium next on its expansion list.
To support this growth, the start-up plans to hire around 80 new team members across Europe, while refining its Banking-as-a-Service (BaaS) platform with “tailored offerings for SMBs” and “custom card programs”.
The platform currently enables businesses to embed banking services directly into their own offerings, and claims to process over €1 billion in transactions per month for around 150 companies.