Swan secures €42M to lead Embedded Banking in Europe

When we started Swan, our vision was simple: to make it easy for businesses to offer banking features as part of their products. No unnecessary complexity, no compliance challenges—just sophisticated tools designed to work quietly in the background.

Today, we’re thrilled to share a milestone in that journey: we’ve raised an additional €42 million in Series B funding to help make embedded banking the standard across Europe.

This funding isn’t just about growth, it’s a reflection of a larger shift happening in the industry. Embedded banking is becoming the new norm. Businesses that integrate financial services into their products aren’t just innovating, they’re creating a competitive edge. They’re building more engaging user experiences, unlocking new revenue streams, and staying ahead in a rapidly evolving market.

With this new funding, we’re more focused than ever on supporting the companies that are truly driving this shift. Together with our partners, we’re shaping a future where embedded banking is expected, intuitive, and available to everyone.

“In the future, I believe business management software will become a key distributor of banking services. Whether it's for HR or Accounting, these tools will offer banking features seamlessly integrated into the user's workflow. This means you'll have access to banking services right when you need them, directly in the tool you're using. We call this embedded banking. At Swan, we're working hard to provide both the technology and compliance framework to make this a reality for SMEs across Europe.”

Nicolas Benady, founder & CEO of Swan

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From complex to simple

Banking doesn’t have to be complicated, yet for many small businesses, it still is. For tech companies trying to embed banking and create better experiences for them, these complexities are even more challenging.

At Swan, we believe banking should be as simple to embed as any other digital service. We’ve built a banking platform from the ground up, with simplicity and efficiency at its core. By developing our own core banking infrastructure, we maintain full control over every element of the product—allowing us to deliver hyperlocalized, advanced features that meet the specific needs of small businesses across Europe.

And we don’t stop at the technology. Banking regulations across Europe can be a labyrinth, but Swan takes on the regulatory heavy lifting—compliance, KYC, and fraud prevention—so our partners don’t have to. They can focus on growing their products while we handle the complexities in the background.

Milestones worth celebrating

Since our initial Series B announcement in September 2023, Swan has hit some incredible milestones:

• Launch in the Netherlands and Italy. Two key markets now have access to our localized banking solutions. By offering local IBANs and payment solutions designed for each European market, we’re not just removing barriers—we’re building trust and making embedded banking as seamless and intuitive as it should be.
• Significant growth in revenue and transactions. Monthly revenue and transaction volumes have grown by 250%, and we’ve issued 370% more cards since our last funding round.
• Empowering small and medium-sized businesses. Our platform has become the go-to solution for SMB-focused companies, helping them unlock new revenue streams and improve customer retention

What’s next?

With this new funding, we’re getting ready for an exciting future. Here’s what’s on our roadmap:

• Expanding into new markets. Belgium and the UK are next on our list as we continue to bring our localized solutions to more European businesses.
• Tailored offerings for SMBs. Small and medium-sized businesses are the backbone of Europe’s economy, and we’re enhancing our solutions to better meet their needs.
• Custom card programs. From benefits and meal vouchers to travel and expense management, we’re building card programs that adapt to the unique requirements of our customers.
• Growing our team. We’re planning to add 80+ talented new team members across Europe to help us scale even faster. Check out the open positions here.

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The future of finance isn’t in standalone banking apps. It’s in the tools people already use every day.

We’re very proud of what we’ve achieved so far and we’re looking forward to this next phase of growth!

The Swan team