Swap builds cloud-native Bank-as-a-Service infrastructure and APIs to let companies create payments, wallets, card issuance and digital account products. The startup launched two platforms and recent verticals including Multiflex (flexible benefits), a BNPL white‑label solution (“BNPL connect”) and Float for credit operations. It plans to use new funding to hire talent, enhance products to serve existing segments and launch additional verticals. Swap reported a 300% expansion in its customer base over the last year, revenue doubling each quarter, and financial volume processed growing about 30% month-over-month in the past six months. Founded in 2018, the company emphasizes a specialist, segment-focused platform strategy to replicate its product across markets. Swap provides a basic infrastructure that enables financial players to more easily create payments tools and to issue and process prepaid cards in a compliant manner. The company exposes APIs and supports users throughout the integration process, handling regulation and all the paperwork. Swap positions itself as a turnkey backend so customers can focus on their own end users. In October 2020 the startup raised $3.3M in seed funding. It intends to use the funds to continue to expand operations and its development efforts. The financing strengthens its capacity to onboard clients and advance product development.

Total raised

$28M

Funding rounds

2

Latest round

Series A

Latest activity

Oct 2021