Swan

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.

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

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

• Banking-as-a-service
• Embedded banking platform
• White-label banking APIs
• Payment infrastructure
• Business banking APIs

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. 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.
2. 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.
3. Payment Processing: Fees generated from payment processing including SEPA transfers, instant transfers, and international transfers in multiple currencies.
4. 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

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core 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

Named customers14 records

Segments8 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core and supporting.

• OwencoreStrategic or Co-development Partner · 3 June 2026Owen, 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.
• AssurantcoreStrategic or Co-development Partner · 3 June 2026Assurant 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.
• AllianzsupportingStrategic or Co-development Partner · 3 June 2026Allianz 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 ParibascoreTechnology or IntegrationSwan'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.
• MastercardcoreTechnology or IntegrationSwan 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

Direct 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

• GitHubgithub.com/swan-io
• LinkedInlinkedin.com/company/swan-baas
• Xx.com/swanapi

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds5 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Swan