Rapid Adoption of Embedded Banking by Benelux Companies Since Swan’s Amsterdam Launch
May 13 2024 - 5:10AM
Business Wire
- Since its local launch only 5 months ago, Swan's embedded
banking platform has rapidly expanded in the Benelux, supporting
over 10 local companies across 4 sectors to launch banking products
(among 100+ European businesses overall).
- Embedded banking takes the power of banking away from
traditional banks, putting it in the hands of tech companies in
diverse sectors like Financial management & accounting, HR,
Real Estate, B2B lending, and more.
- Companies that embed banking features with Swan are able to
unlock the full potential of their product. They build better,
all-in-one user experiences for consumers, while tripling revenue
per user.
Just five months following its strategic launch in the
Netherlands, Swan, a leading European fintech specialized in
embedded banking, today announces its first customers in the
Benelux. This milestone underscores the rapid market adoption of
Swan's platform within the region’s already well-developed fintech
ecosystem.
Ten Benelux companies across four sectors have already developed
banking products in partnership with Swan. These partnerships
showcase Swan’s commitment to supporting a wide array of software
companies across different industries, as well as a strong local
appetite for embedded banking.
“In ten years, big banks will no longer be up against just a
handful of neobank innovators. Instead, they’ll be up against the
10,000 software companies of all kinds, who have successfully
embedded banking. Companies in the Netherlands have understood
this. The successful launch of banking features by local companies
like Ageras, Fincluded, and Yuki, within just four months of Swan’s
local launch is a testament to the robust demand for embedded
banking services across all sectors,” says Nicolas Benady,
co-founder and CEO of Swan.
Companies that have joined the embedded finance movement, in
partnership with Swan, include:
- Tellow by Ageras, a leading software for small
businesses across Europe and the US, embedded banking with Swan to
give users access to accounting, banking, and tax services, all in
one hub — with just one login.
- Fincluded: embraces financial inclusion and strives to
remove the barriers that exclude foreign workers from the payment
system. Fincluded partners with Swan and employment agencies to
provide payment accounts that empower everyone to fully participate
in society.
- Syndic Yourself: a Proptech that enables simple and
efficient management of co-ownerships in Belgium. A fun and smooth
user experience lets co-owners open an account, automize
accounting, set up a general assembly, and more.
- Floryn: a fast-growing Dutch fintech in the B2B lending
industry, has leveraged Swan's platform to provide more seamless
financial operations for its clients.
- Visma Software: One of the Dutch software leaders with
products such as eAccounting, Visma.net, and AccountView, aiming to
take a leading role in combining accounting with banking.
- Sprinque: a BNPL provider that is eliminating friction
from online and offline transactions, has partnered with Swan to
power its pan-European B2B payments solution for merchants and
marketplaces.
- Yuki: A leading provider of accounting software for SMBs
in the Netherlands and Belgium, made the strategic move to embed
banking to offer users a comprehensive, all-in-one solution.
“Together with Swan, we are revolutionizing expense management
for entrepreneurs and their accountants through embedded banking
solutions. This collaboration aligns perfectly with Yuki's
innovative DNA, and we are thrilled to be at the forefront of this
transformative journey.” - Aeyiondy Dorant, Product Owner, Yuki
Mobile App.
A localized approach
As part of its European growth strategy, Swan is committed to
hyperlocalization across the continent. This goes beyond launching
a local office. For example, in the Netherlands, companies can
offer to their own customers: Dutch accounts, with Dutch Terms
& Conditions, and IBANs that start with “NL.” Swan, in
relationship with the local regulator, De Nederlandsche Bank (DNB),
ensures that all accounts and banking operations comply with local
laws and regulations.
Swan continues to build additional payment methods and features
expected by local consumers. For example, they recently launched a
new feature expected by the local market: account verification,
which allows you to immediately see if there is a match between an
account name and an IBAN. Already a common standard in the Dutch
market, this is also a requirement for safer payments included in
the upcoming PSD3 regulation.
A strategic step in Swan's European expansion
Since its €38M Series B fundraising in September 2023, Swan has
continuously been boosting its platform with new in-demand
features. Companies can now both send and accept payments. In
April, Swan will launch international credit transfers in
partnership with WISE. Payments will be possible in 20+ currencies,
with the lowest FX costs on the market. Product advancements such
as these are key for Swan to attract enterprise-level companies,
and to help reinforce Swan’s position as the embedded banking
partner of choice in Europe.
About Swan
Swan is the leading European fintech specialized in embedded
banking. Companies of all kinds can unlock the full potential of
their product by embedding Swan's banking features such as
accounts, cards, and payments.
Founded in 2019, Swan processes over 750 million euros of
transactions per month, for 100+ companies, and operates across
thirty European countries. The company has received growth capital
from leading VC investors such as Lakestar, Accel, Creandum, and
Bpifrance. Swan is a Mastercard principal member and a licensed
financial institution, regulated by the French banking authority
(ACPR - Banque de France).
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version on businesswire.com: https://www.businesswire.com/news/home/20240513475305/en/
Sarah Wachter pr@swan.io