Swan, a platform for businesses to incorporate banking functions into their products, raised €16 million in Series A funding. Swan is situated in Paris, France.
Accel led the round, which also included previous backers Creandum and Bpifrance.
By adding market-specific features and a self-service option to the platform’s capabilities as well as expanding its sales, marketing, and finance teams, the company plans to quicken the pace of its European expansion.
Swan is a platform that enables SaaS platforms, marketplaces, and fintech businesses to quickly launch secure and straightforward embedded financial solutions. Swan was founded in Paris in 2019 by Nicolas Benady (CEO), Mathieu Breton (CTO), and Nicolas Saison in partnership with startup studio eFounders. Swan assists businesses with the API integration of white-labeled banking elements like accounts, cards, and IBANs into current workflows and user interfaces. Swan adopts a developer-friendly approach.
Companies who connect to Swan’s BaaS platform have no regulatory risk since they may ride along on its e-money licence, which is passported throughout the European Economic Area and is governed by France’s ACPR. Swan also complies with security and regulatory requirements as part of its platform, including Strong Customer Authentication (SCA) as part of PSD2 and fraud detection. This enables businesses to offer financial capabilities while continuing to concentrate on creating their core offerings.