2023-09-13 15:02:23
Par Ingrid Vergara
Published 7 hours ago, Updated now
Swan provides white label banking services in software or applications. Wesley J/peopleimages.com / stock.adobe.com
Specializing in integrated banking services, the company has big ambitions in payments and banking in Europe.
An experienced entrepreneur, Nicolas Benaby has a simple way of explaining the activity of Swan. When using a VTC application, payment from the customer to the driver via the application is simple, transparent and fluid. “This is a good example of integrated banking service» smiles the founder and CEO of the French fintech. But this is exactly what Swan offers: providing white-label banking service bricks in software or applications. Created in January 2019, Swan is a regulated financial institution, which has received approval from the Banque de France. Thanks to the “European passport”, the company can operate in all countries of the European Union. In addition to France, Swan is already established in Germany, Spain and soon in the Netherlands and Italy. The company has just raised 37 million euros in a funding round led by Lakestar, recognized for its contributions to Revolut, Alan and Spotify.
Because Nicolas Benaby is determined to make Swan “a payments and banking giant in Europe“. To do this, the company must open offices in each of the targeted countries. Because to offer business clients the opportunity to create an IBAN, open an account or offer payment cards, you must be up to date with the regulations. “Each market in Europe has its specificities, which require product adaptation» explains Nicolas Benaby. To do this, the fintech plans to double its workforce over the next two years and reach 300 employees.
After starting by targeting large start-ups, Swan is preparing to strengthen its commercial strategy towards large companies. The company has already collaborated with multinationals such as Carrefour, which implemented a “cashback” project the previous year. Swan wants to develop new services that specifically meet their needs, such as card payments or direct debit.
The founders of Swan are convinced that the future of banking lies in finance embedded within software or business applications. The company does not offer services directly to companies like Revolut or N26 do, but integrates its white-label services into its clients’ products, for example human resources or accounting software. Among its clients, the Penny Lane platform offers services that make life easier for financial directors by allowing direct invoice payment or the creation of credit cards for the company. “We share revenue with our distributors» specifies Nicolas Benaby.
By 2029, up to 40% of financial flows could take place this way, according to market projections. The integrated finance sector is then expected to reach a considerable value of $384.8 billion.
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