Swan
“Can a self-licensed European BaaS provider become the default embedded banking infrastructure for every vertical SaaS and fintech building in the EEA?”
Swan was founded in 2019 as a pure Banking-as-a-Service infrastructure layer for European tech companies, removing the need for partners to obtain their own financial licenses. Unlike US-centric BaaS providers that rely on sponsor banks, Swan operates under its own ACPR-issued EMI license, making it both the regulated entity and the API provider. It has steadily expanded its footprint from basic SEPA accounts and cards (2020–2021) to international payments, expense management, and merchant-facing products (2022–2024), positioning itself as the 'financial OS' for vertical SaaS, accounting platforms, fintechs, and treasury software across the EEA.