Embedded-finance provider tracked in the Embedded Finance Index — disclosed by 30 companies across 7 categories.
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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.
Other BaaS providers in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.
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<img src="https://www.embeddedfinanceindex.com/api/badge/swan/install" width="1" height="1" alt="" style="display:none">30 companies disclose Swan in their stack in the Embedded Finance Index 2026, including Rompslomp, Yuki, Agicap, Fleming, Neno, Regional Hero, Pennylane, Cashfeed, Carrefour, Lucca and 2 others.
Swan is an embedded-finance provider in BaaS, Card Issuing, Embedded Payments, FX / Payouts, KYC, Open Banking and Sponsor Bank. It ranks #10 of 347 BaaS providers by disclosed buyers.
The most-disclosed BaaS alternatives to Swan are Evolve Bank & Trust (72 buyers), Sutton Bank (64 buyers), Cross River (57 buyers), Pathward (47 buyers), ClearBank (40 buyers) and Thread Bank (35 buyers).
Swan was founded by Nicolas Benady, Mathieu Breton and Nicolas Saison and is founded in 2019, headquartered in Paris, France.
Swan has raised $171M in total.
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