Swan expands into the Netherlands

Thursday 9 November 2023 11:37 CET | News

France-based Embedded Finance platform Swan has announced its expansion into the Netherlands and the launch of localised Dutch accounts. 

The launch is part of Swan’s European hyperlocalisation strategy, and it enables the company’s Dutch customers to issue NL IBANs and ensure all activities, including compliance, legal, and product, are localised. As per the information detailed in the press release, three companies already opened Dutch accounts for their customers through Swan’s Embedded Banking platform. 

 France-based Embedded Finance platform Swan has announced its expansion into the Netherlands and the launch of localised Dutch accounts.

Swan’s development strategy

According to Swan’s officials, the central location of the Netherlands within Europe aims to provide the company with access to a larger market, establishing it as a strategic base for further expansion across the continent. Moreover, the country has a fast-developing fintech landscape, with many companies focusing on financial innovation. Currently, the company has Embedded Finance collaborations with businesses across 12 European countries, including Pennylane and Expensya, among others.

Ageras was one of Swan’s first customers in the Netherlands, integrating its Embedded Banking features into its accounting and tax filing services. Representatives from the company stated that by implementing Swan’s services, Ageras can simplify financial processes for small business owners, as they can manage their enterprise from a single platform.

Furthermore, Swan plans to double its workforce by 2025, with the Amsterdam office serving as a hub for employees in the region. Officials stated that the company noticed considerable opportunities in the Netherlands, as it is known for the rapid adoption of innovative financial solutions. In addition to accounting software, Swan’s local team will focus on expansion across more industries, including business expense software, HR SaaS software, and property management. 

Swan’s previous improvements and partnerships

As a European fintech in Embedded Finance, Swan provides a Banking-as-a-Service (BaaS) platform for companies to embed banking features. Through its simple APIs, European companies can integrate banking services, including accounts, cards, and payments, into their product. Currently, the company processes approximately EUR 750 million of transactions per month, for more than 100 enterprises across ten European countries.

Recently, Swan partnered with Lucca to improve expense management with embedded payment methods. With its BaaS technology, Swan enabled Lucca to enhance its expanding management offering, improving the user experience by reducing inefficiencies through Embedded Finance automation.

A month prior, Swan raised EUR 37 million in a Series B funding round led by Lakestar. The event also included participation from Swan’s existing investors and the addition of funds was intended to advance the company’s ongoing international expansion efforts, including its planned launches in the Netherlands and the Italian market.

At the beginning of March 2023, Swan opened its first office in Spain as part of its development plans to expand into the European market. Through this, Spanish companies can leverage the company’s application of Embedded Finance to improve customer experience and revenue. Swan’s decision to enter the Spanish market was based on the country’s achievements regarding technological innovation. 

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Keywords: expansion, embedded finance, embedded payments, SaaS, BaaS, digital banking
Categories: Banking & Fintech
Companies: Swan
Countries: Netherlands
This article is part of category

Banking & Fintech


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