SWAN / Key word(s): Miscellaneous
European fintech and embedded finance company SWAN opens office in Germany to unlock the continent’s biggest market.
Berlin [Wednesday, September 7th] - The European fintech SWAN, founded in France, announces a new office in Berlin alongside German product and localized compliance activities. The Banking-as-a-Service (BaaS) plans to roll out across the DACH region from the German fintech capital, unlocking the biggest market in Europe.
Swan is the easiest way for companies to embed banking features into their product. Via Swan's simple APIs, European companies can integrate banking services (accounts, cards, and IBANs) quickly and easily into their customer experience. The fintech already processes more than 200 million euros of transactions per month for 50 company customers across eight European countries, and is pushing European expansion even further by building up teams in multiple European cities. The Berlin office is especially significant for the fintech:
”Germany is the largest economy in Europe and one of our key growth markets. We’re here to help local businesses, who have built products adapted to local needs, quickly add banking services to their offering in just a few clicks. Swan makes it significantly easier." said Nicolas Benady, co-founder and CEO of SWAN. "Our vision is to radically simplify and automate banking and payment processes for companies.”
"Berlin is Germany's fintech capital and the ideal environment for launching across German-speaking countries. The feedback we have received from customers across the region, including large unicorns and corporations, has been extremely positive," adds David Frei, Head of DACH. Frei's previous positions include CEO at a Berlin-based B2B startup and at the management consulting at Roland Berger.
SWAN acts as a financial services provider in the background, handling all the risk and regulation for its customers. This makes it far simpler and more cost-effective to integrate compared to other offerings on the market. SWAN itself is a regulated financial institution: the fintech holds an e-money license from the French banking regulator ACPR and is supervised by the European banking regulator. BNP Paribas, Europe's largest universal bank, is a partner of SWAN and holds the fintech's customer deposits.
SWAN's customers include well-known European players such as French retail group Carrefour, accounting software provider Pennylane or Cashflow management specialist Agicap. In Germany, RIDE Capital, a German fintech for tax-optimized investing, is already using SWAN. "We chose SWAN because SWAN's solution can be implemented quickly and smoothly, probably unlike anything else on the market. This let us fully concentrate on our own business, rather than have to set up extra teams for banking services, such as compliance." explains Christine Kiefer, Co-Founder RIDE Capital. In Germany, SWAN also lists financial software specialist Airbank and payment solutions provider Denario as customers.
Lightyear Capital estimates that the market for embedded finance will grow from around $22.5 billion in 2020 to approximately $230 billion worldwide by 2025. For payment transactions alone, SWAN's core business, the market researchers expect global revenues of $140 billion by 2025. SWAN is a B2B provider rapidly gaining customers across industries such as fintech, insurtech, real estate, e-commerce, and legal tech. SWAN's range of services for companies include financial services that they can embed into their products for their end customers: bank accounts with their own IBAN, their own card services via Mastercard, and modern payment options such as Google Pay or Apple Pay. Companies that embed banking with SWAN improve their customer experience and can significantly increase revenue per customer.
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Founded in 2019, SWAN is a Paris-based fintech and innovation leader in embedded finance. SWAN's Banking-as-a-Service (BaaS) is the easiest way to embed banking features. Via Swan’s simple APIs, European companies can integrate banking services (accounts, cards, and IBANs) quickly and easily into their own product. The fintech processes over 200 million euros of transactions per month, for 50+ companies across eight European countries. SWAN has just under 100 employees, and is led by fintech experts and experienced entrepreneurs: Nicolas Benady, Nicolas Saison and Mathieu Breton. The company was founded together with the startup studio eFounders and has received growth capital from leading venture capital Capital investors such as Creandum and Accel. Customers in France include French retail group Carrefour, accounting software provider Pennylane, and cash flow management specialist Agicap. In Germany, companies using SWAN include Ride Capital, the German fintech for tax-optimized investing, financial software specialist Airbank, and payment solutions provider Denario. Swan is a Mastercard principal member and a licensed financial institution, regulated by the ACPR.
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