The acceleration of open banking and Banking-as-a-Service (BaaS) related financial services since the pandemic is no longer in doubt. 90% of large banks are considering providing open banking services to their business customers, and more than half (54%) of large banks hope open banking will help them increase revenue by up to 10%, according to a 2019 Accenture study.
Based on the same principle as open banking, Banking-as-a-Service solutions allow third parties to access the bank’s functionality, while open banking allows third parties to access the bank’s customer data. In order to accelerate the democratization of these services in Europe, the French FinTech Swan is raising $18.5 million (€16 million) in Series A from Accel, with the participation of historical investors Creandum and Bpifrance Digital Venture. It had already raised $5.8 million (€5 million) in September 2020.
Read more about the fintech company Swan and find the most important financial news in the world with the Born2Invest mobile app.
Swan was incubated at eFounders
Swan sees the light of day in 2019 under the leadership of Nicolas Benady, Nicolas Saison, and Mathieu Breton at eFounders. Apart from Swan, the startup studio has launched several FinTechs including Spendesk (SaaS solution for enterprise expense management), Upflow (platform for managing unpaid invoices), and Multis, before launching a program entirely dedicated to FinTech, Logic Founders, in January 2021.
Swan allows SaaS companies, marketplaces, and FinTech companies to integrate banking services into their offerings, such as creating bank accounts and providing Mastercard and IBAN. In concrete terms, the startup is developing a BaaS platform that allows developers to integrate banking functionalities on a white label basis. This model has attracted dozens of companies including Agicap, Alma, Expensya, Fintecture, Mon Bel Appart, and Pennylane.
Becoming a self-service platform
The startup, which has recorded more than $156 million (€135 million) in transactions on its platform, has reached a turning point in its history as it wants to become a self-service platform by the end of the year, to allow its customers to start their projects more independently. In this fast-growing sector, Swan faces strong competitors, such as the French FinTech Treezor, which has become a subsidiary of Société Générale since its takeover in 2019, the German Solarisbank or the American colossus Stripe, the best-valued startup in the United States and second in the world, after Bytedance.
Swan now has ambitions to expand in Europe, particularly in Germany, where the startup plans to open an office in early 2022. The fintech company also plans to triple its volume by recruiting 70 new talents (notably to strengthen its sales, marketing, and finance teams) to reach 100 people by June 2022.
“As each country has its own specificities, our ambition with this fundraising is to work on the development of local solutions, in order to perfectly serve all European markets: iDEAL in the Netherlands, German IBANs in Germany, capital deposit accounts in France, and many other features!”, comments Nicolas Benady
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in FRENCHWEB.FR, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Doctomatic Signs a Former Doctoralia for its Business in Latin America
Santana will be responsible, among other tasks, for Doctomatic's deployment in Latin America, which the company expects to be completed...
Canadians Lost 94.7 Billion in Cannabis Investments
In the years leading up to legalization, Prime Minister Justin Trudeau invariably said the historic turnaround was not about making...
Nearly €5.2 Billion Collected by Italian SMEs Thanks to Alternative Finance
The 5th Research Notebook on Alternative Finance for SMEs in Italy looks at seven forms of alternative finance to bank...
Why Creating Brand Values Is Vital to the Success of Your Business
When you’re building a brand, there are an overwhelming number of things to consider. Brand values help to define the...
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Week 47]
The World Cup is here, Twitter is changing, and things are getting awkward. Fortunately, that doesn't mean affiliate marketers have...
Biotech1 week ago
Algernon Pharmaceuticals to Commence Clinical Trials on Breakthrough DMT Stroke Treatment
Business1 week ago
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Week 46]
Cannabis2 weeks ago
Illegal Cannabis Market in Canada Gains Significant Ground, Report Shows
Business2 days ago
Holiday Travel Made Easier – The Perfect Shoe for Flying Past TSA