European BaaS and embedded finance fintech Swan raises €37m Series B

Swan, an embedded finance and Banking-as-a-Service provider, has raised a €37m Series B funding round. 

Paris-based Swan was founded in 2019 by Nicolas Benady, Mathieu Breton and Nicolas Saison. 

Swan helps companies embed banking features such as accounts, cards and payments without having to hold the necessary licenses or technology. It currently has over 100 customers and 150 employees.

The round was led by Lakestar, a backer of a number of high-profile fintechs including Yapily, Revolut and SoFi. A number of Swan’s existing investors also took part in the round  

This new funding round follows Swan’s €16m Series A round led by Accel in 2021 and €5m seed round in 2020.

“Swan is on a mission to build the leading tech-driven bank in Europe. The simplicity and scalability of our BaaS technology is what drives our success,” Swan’s CEO Nico Benady said.

The cash will be used to expand further across Europe including a launch into the Netherlands in the coming months and Italy in early 2024. It currently operates in France, Spain and Germany.