Swan Raises €42M Series B Extension for European BaaS Expansion
Swan, a Paris-based Banking-as-a-Service provider offering embedded banking infrastructure, raised €42 million in additional Series B funding in January 2025. The company has now raised a total of €100 million in equity since its founding in 2019. Swan launched in the Netherlands in 2023 and Italy in 2024, and plans to use the new funds to enter the UK and Belgium markets next.
The company intends to hire approximately 80 new team members across Europe to support its growth. Product enhancements will focus on tailored SMB offerings and custom card programs within its BaaS platform. The round underscores continued investor confidence in European BaaS providers despite regulatory headwinds facing the broader sector.
Swan's expansion strategy positions it as a multi-market embedded banking player across Western Europe.
- Validates continued investor appetite for European BaaS providers despite increased regulatory scrutiny of the model
- Multi-market European expansion intensifies competition among BaaS platforms seeking to become the continent's embedded banking standard