Banking-as-a-service (BaaS) platform Swan has snared $16m in equity funding from venture capital firm Accel.
Founded in 2019, Swan lets companies embed white-labelled banking features like accounts, IBANs and cards into their products to bolster customer experience. The company has secured an e-money license to deliver banking features across Europe and is headquartered in Paris.
Swan allows develops to begin testing in its sandbox environment in a few seconds through the Swan website, which subsequently removes the necessity for a sales and onboarding process to get started.
According to Swan, it intends to use the newly raised capital to expand into new markets. It intends to start with the German market.
Swan CEO Nicolas Benady said, “Financial particularities vary from country to country. Our ambition for this funding round is to provide banking features with local flavour, specialized for a multitude of local EU markets: Ideal in the Netherlands, Ibans starting with DE in Germany, capital deposits accounts in France.”
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