French startup swan has raised one other 42 million euros (around 44 million US dollars on current exchange rates). The company considers this round because the second a part of the series -B round, which was originally announced in September 2023.
Swan helps other corporations to supply financial products on a scale. The company can generate each virtual and physical cards that work with Apple Pay and Google Pay. Tickets may be configured by programmates by SWAN’s corporate customers with expenditure limits, authorized dealers and way more.
It may also create payment accounts with a person IBAN. In this manner, accounts support pay-ins, payments and even SEPA directors. These accounts may be used as a source of cash for the payment cards.
Several rapidly growing corporations have chosen Swan as their embedded bank partner. For example, Pennylane, a French accounting startup that became a unicorn last yr, now offers its customers accounts and payment cards and relies on Swan for these functions.
Similarly, Indy, an all-in-one administrative assistant for freelancers, turned to Swan so as to add accounts and cards to his offers. Other customers are agicap, factor, Lucca and sesame.
SWAN works with 150 corporations in total and processes monthly transactions of € 1.5 billion.
Eight road ventures lead the second tranche again with the present investors Lakestar, Accel, Creandum, Hexa and BPIFRANCE. BPIFRANCE originally invested in Swans Saatgut round through its digital enterprise fund.
“We believe that the embedded financial possibility is immense and that banking services in the existing software and workflows are increasingly offered directly. We have known Nicolas and his team since their early days and were consistently impressed by their quick progress, the animal -1 customer base and their successful international expansion, ”said Lucile Cornet, partner of Eight Roads Ventures.
While the corporate doesn’t reveal its evaluation, Nicolas Benady, co -founder and CEO of Swan, told Techcrunch that it’s higher than before. “We are not a unicorn yet, so we don’t mention it,” he said.
While many Fintech startups construct products on other FinTech -APIS and products, Swan has built its own core banking system. Therefore, it might probably offer local Ibans and add country -specific payment products.
For Swan’s customers, it’s an interesting opportunity to have the chance to handle money without money without treating money. Swan takes over Compliance and KYC obligations (“know your customers”). With the financing round on Thursday, Swan will proceed to expand into more countries, with Italy being on the roadmap next.
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