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French fintech Swan expands to Germany

Thursday 8 September 2022 12:56 CET | News

France-based fintech Swan has announced expanding to Germany. 

 

The company is also opening its own office in Berlin for this purpose. According to a Swan representative, quoted in Handelsblatt, Germany is one of Swan’s key growth markets. The fintech offers its customers white-label solutions for banking.

Swan does not appear under its own brand in the end-customer business but enables other companies to offer products such as bank accounts or cards, while Swan handles the processes in the background. The company received the necessary e-money license in France. Swan currently has 50 business customers in eight European countries and processes transactions worth over EUR 200 million per month. Its previous customers include, amongst others, the French retail group Carrefour.

Swan’s product offering

Customers can use Swan's APIs to embed white-labeled banking features such as accounts, cards, and payments into their workflows and UX. Users can both create and manage accounts for their company or customers. This also includes the option to issue Mastercard cards with their own branding. Customers can then enable transfers and debits, as well as create as many IBANs as desired for all their accounts.



Plans in Germany

According to Handelsblatt, Swan has already gained five employees and five customers in Germany, including the virtual asset management company Ride Capital. A Swan DACH representative states that there should be 10 business customers by the end of 2022. The fintech completed its last round of financing in September of 2021, raising EUR 16 million in the process. Investors include Accel and Creandum, and the amount raised already included plans to expand to Germany.

Competition with Solaris

In Germany, the French fintech will be competing with Germany-based Solaris. Similarly to Swan, Solaris also does not appear under its own brand in the end customer business but makes its own infrastructure and banking license available to other companies. As stated in the Handelsblatt, a Solaris representative had commented that the fintechs customer focus would shift from small fintechs to large, established companies. Swan, on the other hand, has stated that they aim to grow with their customers, regardless of the company’s size.


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Keywords: expansion, investment, payment processing, mobile payments, credit card
Categories: Payments & Commerce
Companies: Swan
Countries: France, Germany
This article is part of category

Payments & Commerce

Swan

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