French startup Swan has raised one other €42 million (round $44 million at present alternate charges). The firm considers this spherical because the second a part of the Series B spherical that was initially introduced in September 2024.
Swan helps different corporations provide monetary merchandise at scale. The firm can generate each digital and bodily playing cards that work with Apple Pay and Google Pay. Cards will be configured programmatically by Swan’s company shoppers with spending limits, approved retailers, and extra.
It also can create fee accounts with a person IBAN. This method, accounts help pay-ins, pay-outs, and even SEPA direct debits. These accounts can be utilized because the supply of cash for the fee playing cards.
Several fast-growing corporations have chosen Swan as their embedded banking companion. For occasion, Pennylane, a French accounting startup that grew to become a unicorn final 12 months, now affords accounts and fee playing cards to its clients and depends on Swan for these options.
Similarly, Indy, an all-in-one administrative assistant for freelancers, turned to Swan so as to add accounts and playing cards to its choices. Other clients embrace Agicap, Factorial, Lucca, and Sesame.
Overall, Swan works with 150 corporations and processes €1.5 billion in month-to-month transactions.
Eight Road 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 Venture fund.
“We consider the embedded finance alternative is immense, and that banking companies will more and more be provided instantly the place customers are, inside current software program and workflows. We’ve identified Nicolas and his crew since their early days and have been constantly impressed by their speedy progress, Tier 1 buyer base, and profitable worldwide enlargement,” Eight Roads Ventures companion Lucile Cornet mentioned in an announcement.
While the corporate isn’t disclosing its valuation, Swan’s co-founder and CEO Nicolas Benady instructed TechCrunch that it’s increased than it was once. “We’re not a unicorn but, so we don’t point out it,” he mentioned.
While 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 possibly provide 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 instantly is an fascinating alternative. Swan handles compliance and KYC obligations (“know your buyer”). With Thursday’s funding spherical, Swan will proceed to develop to extra nations, with Italy being subsequent on the roadmap.
