French startup Swan has raised another 42 million euros (around $ 44 million at current exchange rates). The company considers this Tour as the second part of the B series which was originally announced in September 2023.
Swan helps other companies to offer large -scale financial products. The company can generate virtual and physical cards that work with Apple Pay and Google Pay. The cards can be configured by program by customers of Swan companies with expenditure limits, authorized merchants, etc.
It can also create payment accounts with an individual IBAN. In this way, the accounts support payments, payments and even direct SEPA flows. These accounts can be used as a source of money for payment cards.
Several rapid growth companies have chosen Swan as an integrated banking partner. For example, Pennylane, a French accounting startup which became a unicorn last year, now offers accounts and payment cards to its customers and is based on Swan for these features.
Likewise, Indy, an all-in-one administrative assistant for the self-employed, turned to Swan to add accounts and cards to his offers. Other customers include Agicap, Factorial, Lucca and Sesame.
Overall, Swan works with 150 companies and processes 1.5 billion euros in monthly transactions.
Eight road ventures directs the second tranche with existing investors Lakestar, Accel, Creanddum, Hexa and Bpifrance participating again; Bpifrance initially invested in the Swan seed tour thanks to its digital venture capital fund.
“We believe that the integrated financing opportunity is huge and that banking services will be more and more offered directly when users are, in existing software and workflows. We have known Nicolas and his team since their beginnings and we have always been impressed by their rapid progress, their level 1 customers and their successful international expansion, “said Lucile Cornet, partner of eight venture roads, in a press release.
Although the company does not disclose its valuation, the co-founder and CEO of Swan, Nicolas Benady, told Techcrunch that it was higher than before. “We are not yet a unicorn, so we do not mention it,” he said.
While many fintech startups build products in addition to other APIs and fintech products, Swan has built its own basic banking system. This is why it can offer local IBANDs and add specific payment products to the country.
As for Swan customers, having the opportunity to manage money without directly manipulating money is an interesting opportunity. Swan manages KYC compliance and obligations (“know your customer”). With Thursday’s financing tour, Swan will continue to extend to other countries, Italy being the next roadmap.
