Banking-as-a-Service (BaaS) provider Swan has closed a $16 million Series A round led by VC firm Accel.
The investment, with funding also from existing investors Creandum and Bpifrance, will boost Swan’s European expansion through enhancements to the platform and the addition of market-specific features.
The French fintech is also planning a self-service sandbox, landing this autumn, which will allow potential clients and developers to test out Swan’s features prior to onboarding.
Swan will also add to its sales, marketing and finance teams and open a new German office in 2022 following the addition of its first German client, the ride-hailing firm Ride.
The pandemic has increased pressure on firms to offer straightforward and integrated embedded financial services within existing products, Swan says.
Swan provides out-of-the-box embedded finance solutions for SaaS platforms, online marketplaces, and fintech startups.
It says its white-labelled banking features including accounts, cards, and IBANs. These, it claims, can merge with existing workflows via APIs and are backed up by identity verification, and fraud detection.
Swan clients can also leverage the fintech’s e-money license, regulated by France’s Prudential Supervision and Resolution Authority and valid across the European Economic Area.
Swan CEO, Nicolas Benady, says: “Our ambition for this funding round is to provide banking features with local flavour, specialised for a multitude of local EU markets.”