French banking-as-a-service platform Swan has secured a $16 million equity raise in a funding round led by Accel.
Via simple APIs, Swan lets companies embed white-labeled banking features like accounts, cards, and Ibans, into their workflows and UX. Founded in 2019 with the start-up studio eFounders, Swan has an e money license to deliver banking features across Europe, and will use the funding to expand into new territories, beginning with Germany.
The company enables developers to begin testing in its sandbox environment in just seconds, directly via the Swan website, removing the need for a sales and onboarding process to get started.
Nicolas Benady, Swan CEO, says: "Financial particularities vary from country to country. Our ambition for this funding round is to provide banking features with local flavor, specialized for a multitude of local EU markets: Ideal in the Netherlands, Ibans starting with DE in Germany, capital deposits accounts in France.”