French FinTech Swan has secured €37m through its series B funding round as it looks to expand its Banking-as-a-Service (BaaS) technology across Europe.
Lakestar led the funding round, and it is believed that they were joined by existing investors including Accel, Creandum, Bpifrance and start-up studio eFounders.
The Parisian firm provides white-label embedded finance solutions to companies looking to embed banking features, including accounts, cards and IBANs, into their user experience and workflows.
Commenting on the company’s success, Swan’s co-founder and CEO, Nicolas Benady said: “I’ve been in payments and banking for 15 years, and I always felt like the industry was not well designed.
“It was unnecessarily complex. Long, convoluted sales processes, insane amounts of paperwork. Expensive. Slow. Since then, we’ve seen the SaaS revolution, we’ve seen iPhones, people can make complex things easy, with great design, with thoughtfulness. That’s what Swan is all about.
“With my co-founders Nicolas and Mathieu, we launched Swan to make it genuinely easy for European entrepreneurs to add banking features to their core product. We built BaaS, SaaS-style! And we rethought every part of the process, from discovery to testing, to integration and launch. Everything should be super easy, fast, and reliable.”
Leveraging its e-money licence from the Central Bank of France and existing presence in Spain and Germany, the French FinTech believes that the capital could allow it to continue scaling its operations across Europe.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global