Swan
Swan is a Paris-based Banking-as-a-Service platform licensed by France's ACPR, enabling European B2B software companies to embed white-label accounts, cards, and payments under their own brand. It serves 150+ vertical SaaS clients across 30 European markets.
- Company typePrivate
- Founded2020
- HeadquartersParis, France
- Headcount251–500
- GTM typeB2B
- OfferingSoftware
What Swan does
Swan is a Paris-headquartered Banking-as-a-Service (BaaS) platform that enables European B2B software companies to embed regulated banking features under their own brand. Founded in 2019/2020, Swan is licensed as an electronic money institution by the French Autorité de Contrôle Prudentiel et de Résolution (ACPR) under REGAFI identifier 86245, with direct local supervision across France, Germany, Spain, Italy, Belgium, and the Netherlands. The platform allows SaaS, marketplace, and fintech partners to issue true local IBANs, virtual and physical Mastercard-branded cards in three tiers (Standard, Essential, Premium), initiate SEPA and instant payments, execute international transfers in 40+ currencies, and accept inbound payments—without their own banking license.
Swan's underlying technology centers on a proprietary ledger connected directly to the SEPA network with unique BIC and IBAN codes, paired with an API-first integration model that includes sandbox environments, comprehensive documentation, and pre-built UI components enabling partner launches in approximately four weeks. The platform handles all regulatory complexity—PSD2, PCI DSS, SCA, AML/KYC—and is integrated with BNP Paribas for custody and deposit guarantee (FGDR up to €100,000 per client) and with Mastercard for card issuance. As of April 2026, an embedded insurance layer delivered through partnerships with Owen (broker and TPA), Assurant (risk carrier), and Allianz (assistance) provides travel insurance, fraud protection, purchase protection, and car rental coverage inside card products.
Swan monetizes through a transaction-fee model on payments and card interchange, supplemented by subscription components on tiered card programs and platform access fees. It serves 150+ B2B software clients primarily across vertical SaaS in accounting and bookkeeping (Pennylane, Agicap, fulll.io, Libeo), HR and employee benefits (Lucca, Expensya, Betterfly, Sibill, Axonaut), treasury and cash flow, proptech (TucoBan, Syndic Yourself), and freelancer/freelance financial management (Accountable, Indy). Cumulative funding of approximately €95 million has been raised across Series A (Accel, 2021), Series B (Lakestar, 2023), and a Series B extension (Eight Roads Ventures, 2025), with the platform processing approximately €2 billion in monthly transactions across 30 European countries.
Swan firmographics
Firmographics- Name
- Swan
- Legal name
- Swan SAS
- Website
- https://swan.io
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Swan is a Paris-based Banking-as-a-Service platform licensed by France's ACPR, enabling European B2B software companies to embed white-label accounts, cards, and payments under their own brand. It serves 150+ vertical SaaS clients across 30 European markets.
- Ownership category
- akta.pro rank
Swan industry classification
Industry- Product category
- Banking-as-a-Service / Embedded Banking Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Other Activities Related to Credit Intermediation (522390), Nondepository Credit Intermediation (5222)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- BaaS Platforms & Sponsor Bank Enablement (FSAGALAA)
- akta.pro secondary industries
- Embedded Card Issuing & Card-as-a-Service (FSAGALAC), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK), A2A Collections & Direct Account Funding (FSAMAFAH), Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD)
Keywords
Where Swan is headquartered
LocationHeadquarters
- HQ city
- Paris
- HQ country
- France
- HQ region
- Europe
Offices6 records
Markets served
Swan business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Supply Chain
Revenue model
- Banking-as-a-Service Platform Fees: Swan charges partners for access to its embedded banking infrastructure, including account issuance, card programs, and payment processing capabilities. Revenue derived from transaction fees, card issuance fees, and potentially subscription components based on platform usage.
- Card Interchange Fees: Partners earn interchange revenue from card transactions processed through their embedded banking platform, creating a revenue stream that grows with transaction volume.
- Payment Processing: Fees generated from payment processing including SEPA transfers, instant transfers, and international transfers in multiple currencies.
- Premium Card Tiers: Premium metal cards with higher spending limits (up to €100,000), 0% FX fees, and comprehensive insurance create upsell opportunities for partners.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Standard tier with basic fraud protection and purchase coverage |
| Subscription | Monthly | Essential tier with advanced travel protection and enhanced fraud coverage |
| Subscription | Monthly | Premium metal cards with up to €100,000 spending limits, 0% FX fees, and comprehensive business insurance |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels6 records
Swan product offering
Product offeringCore offering
Swan provides a Banking-as-a-Service (BaaS) platform that enables B2B software companies to embed banking features — including payment accounts, local IBANs, virtual and physical Mastercard cards, SEPA and international payments, and embedded insurance — directly into their own products under their own brand. The platform is delivered via API, handles all regulatory and compliance requirements (PSD2, PCI DSS, KYC/AML, SCA) under its ACPR e-money license, and allows partners to launch white-label banking experiences in approximately 4 weeks.
Product overview
Swan is a Paris-based Banking-as-a-Service (BaaS) platform enabling European businesses to embed banking features directly into their products. The core platform provides Business Accounts and Local Accounts with native IBANs, complemented by Card Programs (virtual and physical Mastercard debit cards), Send Payments (SEPA, instant payments, international transfers), and Accept Payments (direct debit, card collection). Additional modules include Expense Cards for spend management, Employee Benefits Cards for meal/mobility/wellness programs, and Payment Cards with three tiers (Standard, Essential, Premium) offering built-in insurance. The platform operates under ACPR authorization and processes approximately €2 billion in monthly transactions across 30 European countries serving 150+ B2B software clients.
Differentiator
Problem solved
Functional benefit
Products and services
- Business Accounts Embedded payment accounts with unlimited sub-accounts, allowing B2B software platforms to offer banking features directly inside their own product under white-label branding for their business users.
- Local Accounts Native IBANs issued and managed locally in France, Germany, Spain, Italy, Belgium, and the Netherlands, with country-specific onboarding flows and direct regulatory supervision from local authorities (ACPR, BaFin, Banco de España, DNB, National Bank of Belgium, Banca d'Italia).
- Send Payments Outbound payment capabilities including SEPA credit transfers, instant SEPA payments, standing orders, bulk payments with single consent, and international transfers in 40+ currencies via SWIFT.
- Accept Payments Inbound payment collection capabilities for partners, including SEPA direct debit, check acceptance (France), card payments, and international transfer reception in 40+ currencies.
- Card Programs Customizable Mastercard card programs with virtual and physical debit cards offered in three tiers (Standard, Essential, Premium), with instant virtual card issuance, single-use virtual cards, physical cards, customizable spending controls, and integrated insurance coverage.
- Payment Cards White-label Mastercard payment cards delivered in three tiers (Standard, Essential, Premium), offering up to €100,000 monthly spending limits on the Premium tier, 0% FX fees on international transactions, and integrated business insurance.
- Expense Cards Smart expense management cards with granular spending controls, real-time transaction notifications, fraud protection, and automated reconciliation, designed for partners' SMB and enterprise customers.
- Employee Benefit Cards Employee benefit card solutions for meal vouchers, mobility subsidies, wellness programs, and performance rewards, with local regulatory compliance across European markets.
Quantifiable outcome
- 3x faster invoice processing
- +4 more outcomes
Companies that use Swan
Customer profileNamed customers14 records
Segments8 records
Ideal customer profiles4 records
Swan technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature5 records
Swan partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and supporting.
- OwencoreOwen, an embedded insurance provider for fintechs, partnered with Swan to deliver travel insurance and fraud protection products through Swan's embedded banking platform. Owen serves as broker and third-party administrator, enabling Swan's B2B software partners to integrate insurance coverage into card products without lengthy integration work. Owen cited Swan as its first success story demonstrating scalable embedded insurance distribution.
- AssurantcoreAssurant was selected by Owen as the risk carrier to provide embedded travel insurance and fraud protection for Swan's next-generation card products. The program launched in April 2026 across 30 European markets. Allianz provides assistance services under this arrangement. Swan processes approximately €2 billion in monthly transactions through this ecosystem.
- AllianzsupportingAllianz provides assistance services for the embedded insurance program on Swan's card platform, including emergency assistance and medical repatriation coverage included in Premium tier cards.
- BNP ParibascoreSwan's banking partner where all client funds are safeguarded and segregated. Client deposits are protected by the French Deposit Guarantee and Resolution Fund (FGDR) up to €100,000 per client in the event of BNP Paribas default.
- MastercardcoreSwan issues Mastercard-branded virtual and physical cards through its banking-as-a-service platform, enabling partners to offer card programs under their own brand with instant virtual card issuance.
Scale indicators14 records
Recent moves7 records
Expansion highlights6 records
Swan competitors and assessment
Company assessmentDirect peers
- Solaris: Berlin-based European Banking-as-a-Service platform offering API-based account, card, lending, and identity services under BaFin regulation. Directly comparable to Swan as one of the leading European BaaS specialists serving SaaS, marketplaces, and fintechs across multiple EU markets.
- Treezor: French e-money institution and BaaS provider, acquired by Société Générale in 2023. Direct competitor to Swan in the French and European BaaS market, offering API-based account and card issuance to fintechs and corporates.
- Unit: US-based Banking-as-a-Service infrastructure provider offering embedded accounts, cards, lending, and treasury APIs through bank partnerships. Comparable to Swan as a developer-first BaaS platform serving software companies, though focused on the US market.
Emerging players
- Column (formerly known as Synctera): US-based BaaS platform providing embedded banking and card programs through sponsor bank partnerships. Comparable to Swan's offering for fintech and SaaS partners, though operating in the US regulatory environment.
- Griffin: UK-based Banking-as-a-Service platform offering API-driven bank accounts, payments, and compliance tooling for fintechs. Comparable to Swan as a developer-first BaaS provider for SaaS and fintechs, though operating in the UK market under FCA regulation.
Broad incumbents
- Stripe Treasury: Embedded financial accounts offering from Stripe, integrated with Stripe's broader payments platform. A broader incumbent offering embedded banking as part of a much larger payments stack, with significant scale advantages over Swan.
- Marqeta: Public US card-issuing platform powering modern card programs through an open API. Overlaps significantly with Swan's card issuing and program management capabilities, though Marqeta is a broader incumbent focused on physical/virtual card issuance at scale.
- Adyen: Global payments platform offering unified acquiring, processing, and embedded financial products including issuing. Overlaps with Swan in payment processing and card issuance, with substantially larger scale and global footprint.
- ClearBank: UK clearing bank offering real-time payment infrastructure, embedded banking, and BaaS capabilities to fintechs and corporates. Comparable to Swan's payment and account services offering, with stronger UK clearing capabilities.
Regional players
- Qonto: French B2B neobank serving SMBs and freelancers with business accounts and cards. Comparable to Swan in serving similar end-customer segments in France and Europe, though Qonto is a direct B2B bank rather than a BaaS platform.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Swan social profiles
Digital presenceSwan compliance and trust
Trust signalCompliance5 records
Swan financial estimates
Financial estimateRevenue estimate
Valuation estimate
Swan leadership team
Management profileNumber of profiles
Profiles4 records
Swan funding detail
Funding detailFunding overview
Funding rounds5 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Swan M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Swan
What does Swan do?
Swan provides a Banking-as-a-Service (BaaS) platform that enables B2B software companies to embed banking features — including payment accounts, local IBANs, virtual and physical Mastercard cards, SEPA and international payments, and embedded insurance — directly into their own products under their own brand. The platform is delivered via API, handles all regulatory and compliance requirements (PSD2, PCI DSS, KYC/AML, SCA) under its ACPR e-money license, and allows partners to launch white-label banking experiences in approximately 4 weeks.
Is Swan a public or private company?
Swan is a private company. It is classified as venture growth investor backed and is currently operating.
When was Swan founded?
Swan was founded in 2020. It employs 251 to 500 people.
Where is Swan based?
Swan is headquartered in Paris, France, in the Europe region.
How does Swan make money?
Four revenue lines are on record. Banking-as-a-Service Platform Fees are the primary driver. The others are card Interchange Fees, payment Processing and premium Card Tiers.
Who are Swan's main competitors?
Direct peers on record are Solaris, Treezor and Unit. Emerging players are Column (formerly known as Synctera) and Griffin. Broad incumbents are Stripe Treasury, Marqeta, Adyen and ClearBank. Qonto is listed as a regional player.
Does Swan have an API?
Yes. Swan offers a public API that enables developers to embed banking features including accounts, IBANs, virtual and physical cards, SEPA transfers, instant payments, and payment controls. The API supports webhook notifications for real-time transaction events, spend limit controls, and merchant category restrictions. A sandbox environment is available for testing, and the API Explorer allows developers to test all features. Developer documentation is at docs.swan.io.
What industry is Swan in?
Swan's product category is Banking-as-a-Service / Embedded Banking Infrastructure. Its primary akta.pro industry code is FSAGALAA, BaaS Platforms & Sponsor Bank Enablement, with a secondary code of FSAGALAC, Embedded Card Issuing & Card-as-a-Service. Its NAICS code is 522320 and its SIC code is 6199.