France-based Swan, a banking-as-a-service provider, has reportedly raised €5m in its seed funding round.
The investment was led by Creandum Partners and also received support from Bpifrance’s Digital Venture, according to an article from TechCrunch.
Swan’s technology enables clients to create accounts, cards and IBANs within minutes through its white-label banking platform and APIs.
Its technology can also be used to ease compliance burdens, with the technology transforming SCA, 2FA, PCIDSS and DSP2 into easy-to-use models that can be easily incorporated into infrastructure.
The system enables easy customisation for companies, with the company able to upload their logo, pick a colour and build a banking experience that matches their brand, without needing to write any code. Clients can then incorporate banking services such as accounts and debit cards, while safeguarded by anti-fraud capabilities.
France’s FinTech space hit a record level for funding in 2019, with a total of $848.2m being deployed across 53 deals.
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