Swan, a Paris, France-based platform for companies to embed banking features into their products, raised €16m in Series A funding.
The round was led by Accel with participation from existing investors Creandum and Bpifrance.
The company intends to use the funds to accelerate its European expansion by enhancing the platform’s functionality with market-specific features and a self-service offering, as well as grow its sales, marketing, and finance teams.
Founded in Paris in 2019 by Nicolas Benady (CEO), Mathieu Breton (CTO), and Nicolas Saison (COO), in collaboration with startup studio eFounders, Swan provides a platform that enables SaaS platforms, marketplaces, and fintech startups to rapidly deploy secure and simple embedded finance products. Taking a developer-friendly approach, Swan helps companies integrate white-labeled banking features like accounts, cards, and IBANs into existing workflows and UX via APIs.
Companies that connect with Swan’s BaaS platform take minimal regulatory risk, as they get to piggyback on its e-money license (regulated by France’s ACPR), passported across the European Economic Area. Security and regulatory requirements such as Strong Customer Authentication (SCA) as part of PSD2, identity verification, and fraud detection, are also met by Swan as part of its platform. This allows companies to offer fintech features while still maintaining focus on developing their core products.
The company plans to open its German office in early 2022 and today announces its first German customer, which is Ride.