eFounders-formed Banking-as-a-Service fintech Swan has raised €16 million in a Series A round led by ecosystem stalwart Accel. Swan, while certainly not alone in the rapid deployment of fintech services industry, is squarely targeting SaaS platforms, marketplaces, and other fintechs with its embedded finance products, offering a white label solution for accounts, cards, and IBAN numbers. To date, the firm has raised approximately €21 million in funding.
Swan is capitalising on the increased pressure both B2C and B2B players are feeling, namely in the need to provide integrated, multi-product experiences. One very simple and clever way of meeting this demand is to offer consumers an end-to-end financial experience, thus eliminating the need to switch back and forth between apps just to pay for something or be paid. Enter Swan.
Since launching in 2020, Swan’s Banking-as-a-Service platform has garnered the attention of a number of high profile clients including Agicap, Alma, Expensya, Fintecture, Mon Bel Appart, Pennylane, and as of today, the company’s first German customer: Ride.
“EU companies of all sizes and backgrounds already use Swan's super-simple APIs to put fintech into their products and it's exciting to witness how quickly they're seeing success. But financial particularities vary from country to country,” explains CEO Nicolas Benady. “Our ambition for this funding round is to provide banking features with local flavor, specialized for a multitude of local EU markets: Ideal in the Netherlands, Ibans starting with DE in Germany, Capital deposits accounts in France, and much more!”