French banking-as-a-service platform Swan has secured an additional €44 million to drive its expansion across Europe and diversify its product offerings. This latest investment is an extension of its €37 million funding round from September 2023, with Eight Roads Ventures leading the new tranche. Existing investors, including Lakestar, Accel, Creandum, Hexa, and Bpifrance, also participated.
Swan has grown rapidly, now serving over 150 customers across 30 European countries and processing more than €1.5 billion in monthly transactions. The company has developed its own core banking system, enabling businesses to offer local IBANs for banking accounts, as well as virtual and physical cards compatible with Apple Pay and Google Pay. Its customers include major companies like Carrefour, Pennylane, AgiCap, and Sesame.
The fresh funding will support Swan’s expansion into new markets, with Italy as the next target, followed by Belgium and the UK. The company is also embarking on a recruitment drive, planning to add over 80 new employees across Europe. Additionally, Swan is enhancing its enterprise capabilities by introducing new payment collection methods, such as direct debit and card payments, alongside expanded lending options. These updates will allow the company to serve new industries, including travel, insurance, and B2B marketplaces, further strengthening its product suite.