Swan builds embedded banking infrastructure that enables businesses to issue virtual and physical cards (Apple Pay and Google Pay compatible), create payment accounts with individual IBANs, and support pay-ins, pay-outs and SEPA direct debits. Its APIs let corporate clients programmatically configure cards with spending limits, authorized merchants, and other controls. Unlike many fintechs, Swan has built its own core banking system, which allows it to offer local IBANs and country-specific payment products. Swan also handles compliance and KYC obligations on behalf of its customers. The company works with roughly 150 companies, including Pennylane, Indy, Agicap, Factorial, Lucca, and Sesame, and processes about €1.5 billion in monthly transactions. Swan plans continued international expansion, with Italy next on the roadmap, and its CEO said the company’s valuation has increased though it is not yet a unicorn. Swan builds embedded banking infrastructure that lets companies create payment accounts with individual IBANs, offer card issuing (virtual and physical) and handle pay‑ins/pay‑outs and SEPA Direct Debit via a ready‑made interface and a full API. The startup focuses on native features, localization for European markets, and owning as much of the stack as possible to improve developer and end‑user experience. Swan partners with SaaS firms, marketplaces and fintechs; customers include Carrefour, Pennylane, Alma, Agicap, Factorial and Expensya. It takes on banking operations and risk for customers so they can focus on product, and configurations include card limits, currencies and authorized merchants, with Apple Pay and Google Pay support. Swan reports about 100 customers and says those customers have processed over €7 billion in transactions. The company plans to add more payment collection methods (direct debits and card payments), explore lending capabilities, launch new local IBANs (NL and IT) and expand customer onboarding in the Netherlands and Italy. Swan offers a banking-as-a-service platform that lets SaaS companies, marketplaces and fintechs embed financial services via APIs. Clients can generate accounts (each with its own IBAN), issue virtual and physical cards, and present either Swan's web banking interface or a custom interface built on Swan's data. Cards integrate with Apple Pay and Google Pay, and clients can limit features such as ATM withdrawals or allow end customers to control cards directly. Swan holds an e-money license and can operate across the European Economic Area, handling regulatory needs like identity verification and fraud detection for its customers. Customers include Agicap, Alma, Expensya, Fintecture, Mon Bel Appart, Pennylane and Ride. The company plans product evolutions such as a developer self-service API model and geographic expansion, starting with a new office in Germany in early 2022. Swan is a French bank-as-a-service platform that enables other companies to issue physical and virtual Mastercard cards, create bank accounts and generate IBANs through a developer-oriented API. The company holds an e-money license from the French regulator, allowing it to operate payment services and hold user funds, though it cannot issue credit lines. Swan handles risk and KYC processes for its customers and supports Apple Pay and Google Pay. Customers can white-label cards and branding, and pricing starts at €900 per month plus a flat monthly fee for each issued account and card. Swan targets embedded finance use cases—such as invoicing, on-demand worker cards, and granular marketplace pay-ins/pay-outs—rather than focusing solely on powering neobanks. The startup was originally founded by studio eFounders and emphasizes an API-first integration approach intended to shorten implementation time similar to integrating Stripe.

Total raised

$113M

Funding rounds

4

Latest round

Series B

Latest activity

Jan 2025