European embedded finance provider Swan has raised €37 million in a Series B funding round led by Lakestar, to support its continued expansion across Europe.
Swan plans to launch in the Netherlands in the coming months and Italy in early 2024, having opened offices in France, Spain and Germany already.
Existing investors also participated in the Series B investment round.
Swan will use the proceeds of the fundraising to “double-down” on its strategy of addressing the enterprise market.
The company, which works with French retailer Carrefour, int4ends to “deepen its enterprise capabilities” by launching new product lines tailored for larger organisations, including payment collection methods like direct debit and card payments, as well as additional lending capabilities.
Some of these new product lines will enable Swan to serve new industries, such as travel, insurance and B2B marketplaces.
“Swan is on a mission to build the leading tech-driven bank in Europe. The simplicity and scalability of our BaaS technology is what drives our success,” said Nico Benady, chief executive officer and co-founder of Swan.
“With Lakestar’s support, we can bring our technology and its benefits to businesses of all sizes, and in all sectors, as we continue to shape the future of financial services.”
Lakestar has been investing into fintech for more than a decade, partnering with the likes of Revolut and Yapily.
Georgia Watson, principal at Lakestar, will join the board of Swan.
She added: “Businesses today are under increasing pressure to not only diversify their revenue streams, but also deliver financial products right at the point of user need.
“Swan makes this possible and shows immense potential to scale this offering across different markets and verticals.”