With the help of a €5 million seed round led by Creandum, Paris-based startup Swan is launching its fintech platform that lets any other company offer its own banking services. The funding, which includes capital from French bank Bpifrance, will go to meeting strict financial regulations and acquiring the startup’s first clients.
Swan expects to see specialised banking for vertical markets — financial services specifically for dentists, for e-commerce, etc — and has built a product that makes that possible. Any business can use the API to handle their own payments and offer branded bank accounts, cards (via Mastercard) and IBANs.
Essentially, Swan has built a Banking-as-a-Service platform that can be customised to a client’s needs. Not only can a client implement banking services into their own product in a matter of minutes, Swan will cover the annoying regulatory side of things.
The startup has obtained an e-money license from the French banking regulator (ACPR) and will cover compliance and handle risk on behalf of its customers. Authentication, fraud detection, and identity verification (aka KYC) are built directly into the product. Plus there’s a Swan customer support team that end-users can contact directly.
Sprouting from the startup studio eFounders in early 2019, Swan is led by CEO Nicolas Benady, who previously co-founded two payments startups, Limonetik and Antelop. Photo: Co-founders Nicolas Benady (CEO), Mathieu Breton (CTO) and Nicolas Saison (COO)