French startup Swan has raised one other €42 million (round $44 million at present alternate charges). The corporate considers this spherical because the second a part of the Collection B spherical that was initially introduced in September 2023.
Swan helps different corporations supply monetary merchandise at scale. The corporate can generate each digital and bodily playing cards that work with Apple Pay and Google Pay. Playing cards may be configured programmatically by Swan’s company shoppers with spending limits, licensed retailers, and extra.
It could possibly additionally create cost accounts with a person IBAN. This manner, accounts assist pay-ins, pay-outs, and even SEPA direct debits. These accounts can be utilized because the supply of cash for the cost playing cards.
A number of fast-growing corporations have chosen Swan as their embedded banking companion. As an illustration, Pennylane, a French accounting startup that grew to become a unicorn final yr, now affords accounts and cost playing cards to its prospects and depends on Swan for these options.
Equally, Indy, an all-in-one administrative assistant for freelancers, turned to Swan so as to add accounts and playing cards to its choices. Different prospects embrace Agicap, Factorial, Lucca, and Sesame.
Total, Swan works with 150 corporations and processes €1.5 billion in month-to-month transactions.
Eight Street Ventures is main the second tranche with current buyers Lakestar, Accel, Creandum, Hexa, and Bpifrance taking part once more; Bpifrance initially invested in Swan’s seed spherical via its Digital Enterprise fund.
“We imagine the embedded finance alternative is immense, and that banking providers will more and more be provided immediately the place customers are, inside current software program and workflows. We’ve recognized Nicolas and his staff since their early days and have been persistently impressed by their fast progress, Tier 1 buyer base, and profitable worldwide growth,” Eight Roads Ventures companion Lucile Cornet mentioned in an announcement.
Whereas 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.
Whereas many fintech startups are constructing merchandise on prime of different fintech APIs and merchandise, Swan has constructed its personal core banking system. That’s why it will probably supply native IBANs and add country-specific cost merchandise.
As for Swan’s prospects, having the choice to deal with cash with out dealing with cash immediately 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 international locations, with Italy being subsequent on the roadmap.
