The French Startup Swan raised 44 million euros (about $ 44 million at the current exchange rate). The company considers the round as the second part of the series B round, which was originally released in September 2023.
SWAN helps other companies offer financial products in size. The Company can create both virtual and physical cards that work with Apple Pay and Google Pay. SEAN’s corporate customers can program a card with expenditures and approved merchants by programming.
You can also create an individual IBAN and a payment account. In this way, the account supports salaries, payments and SEPA direct retrospects. This account can be used as a source of money on the payment card.
Some of the fast -growing companies have chosen SWAN as an embedded banking partner. For example, Pennylane, a French accounting new company that became unicorn last year, now provides customers with accounts and payment cards and depends on SWAN for that feature.
Similarly, INDY, a freelancer’s all -in -one administrative assistant, provided an account and card to SWAN and added it to the product. Other customers include Agicap, Factorial, Lucca and Sesame.
Overall, SWAN works with 150 companies and conducts a monthly transaction of 1.5 billion euros.
The eight road ventures are leading the second trench with existing investors Lakear, Accel, Creandum, Hexa and BPIFRANCE. BPIFRANCE originally invested in the SWAN’s seed round through a digital venture fund.
“We think that there is a lot of embedded financial opportunities, and I think that banking services will be provided more and more directly where users are in existing software and workflow. We have been aware of Nicolas and his team from the beginning and have been impressed with rapid progress, Tier 1 customer base and successful international expansion. ”Lucile Cornet, eight Roads Ventures partners, said in a statement.
The company does not disclose the evaluation, but told SWAN’s co -founder and CEO Nicolas Benady that Techcrunch is higher than it used to be. “We don’t mention it because it’s not unicorn yet,” he said.
Many FINTECH startups are building products on other FINTECH APIs and products, but SWAN has built its own key banking system. This allows you to provide local IBANS and add payments by country.
It is an interesting opportunity for SWAN to have an option to handle money without handling money directly. SWAN handles regulations and KYC obligations (“Know the customer”). With the financing of Thursday, Swan will continue to expand to more countries, and Italy will appear next to the roadmap.
