In a substantial financial boost, Swan, the European financial service tech startup, has garnered another $44 million for its Series B funding round. Distinguished for enabling companies to launch high-scale financial products, Swan views this monetary reinforcement as a part two for its Series B round initially announced in September 2023.
Swan delivers both virtual and tangible cards compatible with Apple Pay and Google Pay, managed programmatically by corporate clients defining spending thresholds, approved vendors, and beyond. In addition to this, Swan can establish payment accounts with a unique International Bank Account Number (IBAN), useful for pay-ins, pay-outs, and SEPA direct debits, which can be tied to the source of the payment cards.
Several burgeoning companies have enlisted Swan as their preferred embedded banking partner. Notable inclusions are Pennylane, a unicorn-status French accounting startup, which now offers accounts and payment cards to its clients reliant on Swan, and Indy, a comprehensive administrative support for freelancers that implemented accounts and cards to its product suite.
Today, Swan serves 150 companies and handles €1.5 billion in monthly transactions. The current investment round was led by Eight Road Ventures with participation from existing investors Lakestar, Accel, Creandum, Hexa, and Bpifrance.
Lucile Cornet, a partner at Eight Roads Ventures, lauds Swan’s impressive growth, elite customer base, and successful international expansion. While Swan’s co-founder and CEO Nicolas Benady did not disclose the company’s valuation, he confirmed that it’s steadily growing.
The uniqueness of Swan arises from their in-house core banking system construction, which enables the offering of local IBANs and the addition of country-specific payment products. Thursday’s funding will facilitate Swan’s expansion to more countries, with Italy next on its list.
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