Swan

Swan is an embedded banking infrastructure provider founded in Paris in 2019 by Nicolas Benady, Mathieu Breton and Nicolas Saison. It is licensed as an electronic money institution by the French regulator ACPR (registration 853 827 103) and is a principal member of Mastercard, so software platforms and fintechs can offer accounts, IBANs and cards to their users without obtaining a licence or building payment rails themselves.

The product is delivered as an API with an optional white-label interface, covering business accounts, local IBANs in several European markets, SEPA and instant payment execution, payment collection, and configurable card programmes including expense and employee benefit cards. Swan reports more than 1 million cards issued and over 70,000 card transactions per day, serving more than 150 companies across 30 European countries; customers include Agicap, Pennylane, Lucca and Indy. In January 2025 it added EUR 42 million to its Series B round, led by Eight Roads Ventures.

1. Local IBANs: accounts issued with native IBANs in several European markets, avoiding cross-border IBAN rejection.

2. Card programmes: virtual and physical business, expense and employee benefit cards issued under Swan's Mastercard principal membership.

3. Payment execution: SEPA credit transfers, direct debits and instant payments, plus inbound collection.

4. Regulatory cover: partners operate under Swan's ACPR e-money licence instead of applying for their own.

5. Delivery model: one API with an optional white-label interface for onboarding and account servicing.

6. Verified scale: over 1 million cards issued, 70,000+ card transactions a day, 150+ clients in 30 European countries.