French BaaS Fintech Swan Raises €37-40M Series B for European Expansion
Swan, a Paris-based banking-as-a-service fintech, closed a Series B funding round of €37-40 million (approximately $39-40 million) in September 2023. The round was led by Lakestar, with continued participation from existing investors Accel and Creandum, alongside French public investment bank Bpifrance. Swan provides embedded banking infrastructure that allows platforms and marketplaces to integrate accounts, cards, and payments directly into their products.
The new capital will be used to fund geographic expansion across Europe, with the Netherlands and Italy identified as priority markets. Swan also plans to launch embedded lending products, broadening its BaaS offering beyond payments and accounts. The round underscores growing investor confidence in European BaaS platforms as embedded finance adoption accelerates across the continent.
- Demonstrates continued investor appetite for European BaaS infrastructure despite global fintech funding downturn
- Swan's expansion into multiple EU markets intensifies competition with established BaaS players like Solarisbank and Railsr
- Addition of embedded lending signals BaaS platforms are evolving beyond payments into full-stack banking services