Integrated finance startup Swan has closed a Series B funding round raising 37 million euros. Broadly speaking, the French company's plan can be summed up in a few words: to boost its expansion throughout Europe. However, what has not escaped the attention of fintech managers is the need to consolidate the markets in which it has already established itself.

Launched in 2019, it has expanded after just four years from France to Spain and Germany, where it will now have to make new investments to consolidate its business. One of its most immediate needs to be addressed is to increase its workforce in order to support its rapid growth. Looking further into its future expansion strategy, two concrete milestones are on the near horizon: its arrival in the Netherlands before the end of 2023 and in Italy in early 2024.

First international expansions
The new round, led by Lakestar, also included investors from the previous round, led by Accel. The previous Series A round raised 16 million euros in 2021, which served to finance the first international expansions for this young company and its banking-as-a-service (BaaS) technology, which is strategically focused on the large corporate segment.

Swan already has a portfolio of over 100 customers and its products are available in 30 European countries. It has processed more than 6 billion euros to date in transactions. One of its most important clients is Carrefour, with which it ran a successful project in 2022 that will drive the creation of new products for large companies.

Integrated financial solutions
Companies from sixteen sectors are already working with Swan, which expects to add new ones in the near future, such as travel platforms, insurance and B2B businesses. In the next few years the company expects that up to 40% of financial services, such as payments, will be be carried out through integrated financial solutions like its own. This would make the market worth 384.8 billion dollars by 2029.

Swan's CEO and co-founder, Nicolas Benady, explained that his company's mission is “to build Europe's leading banking technology infrastructure. The simplicity and scalability of our BaaS technology is what drives our success,” he said, adding that, “The benefits we bring to our clients speak for themselves: clients get up to 200% ROI on projects just three months after launch, and others can launch a financial product in a matter of days. With Lakestar's support, we can bring our technology and its benefits to many more industries as we continue to shape the future of financial services.”

Georgia Watson from Lakestar is delighted to join the Board of Directors “of a company that has so quickly established itself as a leader in the integrated finance space”. She also explained, “Nowadays, companies are under increasing pressure to not only diversify their revenue streams, but also to offer financial products right where and when customers need them. Swan makes this possible and shows immense potential to scale this offering across different markets and verticals.”

^{Photo: Swan}