Venture capitalist Lakestar takes a stake in banking startup Swan. It leads the Series B for €37 million, with existing investors Creandum and Accel also following suit. Swan succeeds in closing the funding in a challenging market phase. The German market is growing the fastest, according to a press release. The company already has 16 enterprise customers, including Ride, Pile, and Getmomo.
Swan‘s service allows companies to offer bank accounts and cards. Getting started should be as easy as possible. The fintech from Paris already has its own offices in France, Germany, and Spain. It plans to enter the Netherlands before the end of this year, followed by Italy next spring. The funding is intended to finance the European expansion.
Since its launch, the company has processed transactions worth seven billion euros. Swan has already launched a cashback product with the supermarket company Carrefour and wants to win further major customers. The team is also expanding the product. Apart from the current account, credit functions are also to be added, for example.
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