French start Swan increased another 42m euros (about $ 44 million in current exchange rates). The company considers this round as the second part of the B series round initially announced in September 2023.
Swan helps other companies offer financial products on a scale. The company can create both virtual and natural cards that work with Apple Pay and Google Pay. Cards can be programmatically configured by Swan corporate customers with spending limits, authorized traders and much more.
It can also create payment bills with an IBAN person. In this way, the bills support payments, payments and even direct SEPA charges. These accounts can be used as a source of money for payment cards.
Several rapidly growing companies have chosen Swan as their built -in bank partner. For example, Pennylane, a French accounting startup that became unicorn last year, now offers payment cards and cards to its customers and is based on a swan for these features.
Similarly, Indy, an administrative assistant for freelancers, turned to Swan to add bills and cards to his offers. Other customers include agicap, factorial, Lucca and Sesame.
Overall, Swan works with 150 companies and procedures of 1.5 billion euros in monthly transactions.
Eight Road Ventures drives the second tranche with existing investors Lakestar, Accel, Creandum, Hexa and BPIFrance that are re -participating. BPIFRANCE was initially invested in the Swan seeds through the digital business fund.
“We believe that the built -in funding opportunity is huge and that the banking services will be offered more and more, where users are located within existing software and work flows. We know Nicolas and his team from their early days and were firmly impressed by the Rapid progress, Tier 1’s customer base and successful international expansion, “said Eight -Road Lucile Cornet partner.
While the company does not reveal its valuation, co -founder and CEO of Swan Nicolas Benady told TechCrunch that it was higher than it was. “We are not one -year -old yet, so we don’t mention it,” he said.
While many newly formed Fintech companies are manufacturing products over other Fintech APIs and products, Swan has created its own basic banking system. That is why it can offer locally IBAN and add payment products specifically for the country.
As for Swan customers, the choice to handle money without handling money is an interesting opportunity. Swan handles compliance and KYC obligations (“Know your Customer”). With Thursday’s funding round, Swan will continue to expand to more countries, with Italy next to the route map.
