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French startupSwanhas kindle another € 42 million ( around $ 44 million at current exchange pace ) . The company considers this rhythm as the 2nd part of the Series B that was to begin with announcedin September 2023 .
Swan helps other companies offer financial products at scale . The company can return both practical and forcible carte that exploit with Apple Pay and Google Pay . bill of fare can be configure programmatically by Swan ’s collective clients with outlay limit , authorize merchants , and more .
It can also make payment account with an individual IBAN . This way , accounts financial support pay - Immigration and Naturalization Service , pay - out , and even SEPA unmediated debits . These invoice can be used as the source of money for the payment cards .
Several tight - uprise companies have choose Swan as their embedded banking partner . For example , Pennylane , a French accounting startup thatbecame a unicornlast year , now offers account and defrayment menu to its client and relies on Swan for those features .
Similarly , Indy , an all - in - one administrative assistant for freelancers , plough to Swanto add together accounts and cards to its offerings . Other client admit Agicap , Factorial , Lucca , and Sesame .
Overall , Swan cultivate with 150 company and work € 1.5 billion in monthly transactions .
Eight Roads Ventures is lead the second tranche with existing investor Lakestar , Accel , Creandum , Hexa , and Bpifrance enter again ; Bpifrance originally place in Swan ’s seed round through its Digital Venture fund .
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“ We believe the embedded finance chance is immense , and that banking services will progressively be offered immediately where user are , within subsist software and work flow . We ’ve known Nicolas and his team since their other days and have been consistently impress by their rapid progress , grade 1 client al-Qa’ida , and successful international expansion , ” Eight Roads Ventures partner Lucile Cornet said in a program line .
While the ship’s company is n’t disclosing its rating , Swan ’s carbon monoxide - laminitis and CEO , Nicolas Benady , tell TechCrunch that it ’s higher than it used to be . “ We ’re not a unicorn yet , so we do n’t bring up it , ” he said .
While many fintech startups are building products on top of other fintech APIs and products , Swan has establish its own core banking organisation . That ’s why it can offer up local IBANs and add country - specific payment products .
As for Swan ’s client , having the choice to handle money without handling money directly is an interesting chance . Swan handles compliance and KYC ( know your client ) obligations . With Thursday ’s funding round , Swan will continue to expand to more countries , with Italy being next on the roadmap .
