Swan’s shareholder letter: strong growth, stronger foundations

June 19th, 2026

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Dear shareholders,

As you will receive today the formal notice of our Annual General Assembly, I wanted to take the opportunity to share some updates on Swan, in the first letter I’m writing to you as CEO.

For those I have not met directly, I am not new at Swan. I joined the Board as Chairman in 2020 and stepped in as Deputy CEO in September 2024. For the last 15 years, I have built payments and banking companies, including Payplug (acquired by BPCE), Numeral (acquired by Mambu), and Marble.

Last December, I took on the CEO role. In July, Nicolas Benady will move to an advisor role while remaining on the Board. I have been consistently impressed by Nico. He raised the question of the transition with the Board last fall, and we built together the vision for Swan's next phase. Swan would not be where it is without his leadership, and I’m grateful he brought me into this incredible company.

To support this transition, we have reinforced Swan’s executive team, bringing in several high-caliber leaders: Florent Poissonnet as CTO, Anne Le Bruchec as CHRO, Grégory Desmaretz as CFO, Hélène Sohier as Chief Operations Officer from N26, and Matthieu Piraud as Chief Risk and Compliance Officer from Hipay. Nicolas Saison, Swan’s co-founder, CPO, and Board member, has played a critical role in helping Swan scale and is today a key leader and pillar of the executive committee.

Let me give you the picture of where we are in four parts.

First, our position. Swan is now established as the leader in B2B embedded payments in Europe: accounts, cards, and payments inside the accounting and invoicing software small businesses use every day. Through our network of partners, we now reach close to 200,000 business customers. We regularly win head-to-head against Adyen and Stripe, thanks to our localized compliance, operations and products. We made a deliberate choice to concentrate on six markets (France, Germany, Spain, the Netherlands, Italy, and Belgium) and we will not enter new ones until we are profitable.

Second, our growth is very strong. Annualized net revenue reached €40m in Q2 2026 (+70% YoY), driven by accelerating account openings, now reaching 12,000 new business customers each month, €2.5bn in monthly payments and more than €1.2bn in deposits. While most of our revenue is still driven by French partners, our international partners are growing even faster.

One word about an important partner: Pennylane has decided to progressively internalize its banking stack. I am not alarmed. They remain committed to Swan for the foreseeable future, with a smooth transition from 2028. We expect growth from existing and newly signed partners to more than offset this evolution.

Third, how we’re operating. To absorb this growth, we launched a company-wide transformation to industrialize our operations. In 2025, KYC processing times were too long, payment incidents multiplied, and partner satisfaction fell. Rather than treat these as isolated problems, we mobilized all teams across Swan to build the factory we need to absorb volumes, standardize execution and ensure quality at scale. And results are coming through: after a year below targets, we have met all our KYC on-time goals over the last few weeks, and fraud levels have dropped.

We are also transforming how we work with AI. For the past eight months, we’ve been deploying Claude in Engineering, OpenAI on Operations, and Dust across teams, to change the way we work. With newly revamped operations and standardized processes, we are now in a position to accelerate the impact of AI across all our activities.

Finally, we are in solid financial shape, having only used under 15% of our January 2025 Series B extension funding. With financial discipline, we reduced monthly EBITDA losses by 50% in the past year, and we have clear path to profitability in 2027. This shapes how I run the company: we will win if we control our own destiny.

Thank you for the trust you placed in Swan.

Our ambition remains unchanged: to become the financial infrastructure powering Europe's leading software platforms. We believe every major business software category will eventually embed banking, payments and card programs, and Swan is uniquely positioned to enable that transformation across Europe.

I am proud of what we have achieved and more convinced than ever about what we are building. The best of Swan is still ahead!

Warm regards,

Camille