French startup Swan has raised another € 42 million (around $ 44 million against the current exchange rates). The company regards this round as the second part of the B -round series that was originally announced in September 2023.
SWAN helps other companies to offer financial products on a scale. The company can generate both virtual and physical cards that work with Apple Pay and Google Pay. Tickets can be programmatically configured by Swan’s business customers with spending limits, authorized traders and more.
It can also create payment accounts with an individual IBAN. In this way, bills support payments, payouts and even SEPA direct depreciation. These accounts can be used as a source of money for the payment cards.
Several fast -growing companies have chosen Swan as their embedded bank partner. Pennylane, for example a French accounting startup that became a unicorn last year, now offers accounts and payment cards to its customers and relies on Swan for those functions.
Similarly, Indy, an all-in-one administrative assistant for freelancers, turned to SWAN to add accounts and cards to his offer. Other customers are Agicap, Factorial, Lucca and Sesam.
In general, SWAN works with 150 companies and processes € 1.5 billion in monthly transactions.
Eight Road Ventures leads the second tranche with existing investors Lakestar, Accel, Creandum, Hexa and Bpifrance that participate again; Bpifrance originally invested in Swan’s seed round through its digital venture fund.
“We believe that the embedded financing option is enormous and that banking services are increasingly being offered directly where users are, within existing software and workflows. We have known Nicolas and his team since their early days and are consistently impressed by their rapid progress, Tier 1 -customer stock and successful international expansion, ”said Lucile Cornet, partner Lucilet, in a statement.
Although the company does not announce its appreciation, Swan’s co-founder and CEO Nicolas Ippy told Techcrunch that it was higher than it used to be. “We are not a unicorn yet, so we don’t mention it,” he said.
Although many fintech startups have been built on top of other fintech -api and products, Swan has built its own core bank system. That is why it can offer local Ibans and add land -specific payment products.
As far as Swan’s customers are concerned, it is an interesting opportunity to have the opportunity to handle money without money. Swan deals with compliance and KYC obligations (“Know your customer”). With Thursday’s financing round, Swan will continue to expand to more countries, where Italy is the following on the route map.