French banking-as-a-service platform Swan has successfully secured an additional €44 million in funding to facilitate its expansion across Europe and enhance its product offerings.
This new investment is positioned as a continuation of their previous €37 million round raised in September 2023. The latest funding round is spearheaded by Eight Road Ventures, alongside contributions from established investors such as Lakestar, Accel, Creandum, Hexa, and Bpifrance.
Currently, Swan serves over 150 clients across 30 European countries and processes more than €1.5 million in transactions each month. The company has developed its proprietary core banking system, which provides customers with local IBANs for their banking accounts and offers both virtual and physical cards compatible with Apple Pay and Google Pay. Notable clients include prominent brands like Carrefour, Pennylane, AgiCap, and Sesame.
The fresh capital will be allocated towards extending the company’s product capabilities and entering new markets, starting with Italy, followed by Belgium and the UK. Additionally, Swan plans to enhance its workforce by recruiting over 80 new employees across Europe.
To strengthen its enterprise offerings, Swan aims to launch new product lines specifically designed for larger organizations. These additions will encompass various payment collection methods such as direct debit and card payments, alongside expanded lending functionalities. With these new product lines, Swan aims to cater to a diverse range of sectors, including travel, insurance, and B2B marketplaces, thereby complementing its existing service suite.