Swan

Swan is a France-based white-label banking-as-a-service (BaaS) platform that mainly offers accounts, cards, and payments solutions (SEPA transfers and debits) to enterprises for several use cases, including financial management, property and rent management, and payroll. It lets users create and manage payment accounts, virtual and local International Bank Account Numbers (IBANs), and capital deposits. Meanwhile, its card infrastructure can be used to issue virtual, single-use, and physical cards for customers as well as employees (business expense cards with payment controls and spending limits). As of September 2023, the company also planned to add lending capabilities.

Swan offers these services through its e-money license, which covers 30 European countries. The company has a presence in France, Germany, and Spain, and as of September 2023, it planned on opening offices in Italy and the Netherlands.

Swan looks to differentiate itself by developing native features to localize its product for each European market while offering a ready-made banking interface and an API. The company follows a subscription-based model, with charges starting at EUR 2,990 per month.

Key customers and partnerships

Swan had over 100 enterprise customers as of September 2023 (that had processed over EUR 7 billion worth of transactions), including Carrefour, Pennylane, Alma, Agicap, Factorial, Expensya, Tellow, and pay33, among others.

Funding and financials

Swan raised EUR 37 million (~USD 40 million) in Series B funding in September 2023, led by Lakestar, to invest in adding more payment collection methods, expanding the platform to include lending, and introducing local IBANs for the Netherlands (in the following months) and Italy (early-2024).