Can Swan Become Unicorn? After Backing Revolut, VC Giant Looks for New European Star

<p>Revolut transformed
the market of everyday finance by eliminating unnecessary intermediaries and
banks with outdated offers a few years ago. Later, another revolution in the
financial market, this time in the embedded finance sector, is being prepared
by a French startup, Swan. Although the two companies are currently light years
apart, they have one common element. They both received early financial support from
the European venture capital (VC) market giant, Lakestar.</p><p>After Revolut, Lakestar Looked for Another Unicorn. It Found Swan Instead</p><p>Lakestar
invested in Revolut a year after it appeared on the market when the company was
still in the early stages of being a startup. As it turned out, the VC giant had a
good feeling, as the neobanking company is worth $33 billion seven years later.</p><p>Now, <a href="https://www.financemagnates.com/fintech/fintech-in-distress-emea-sector-faces-major-funding-crunch-in-h1-2023/" target="_blank" rel="follow">when
things were going bad on the European fintech market and funding had frozen</a>,
Lakestar went looking for a new, potential unicorn. The giant decided to give a
chance to the French startup Swan, which raised €37 million in a Series B
<a href="https://www.financemagnates.com/terms/f/funding-round/">funding round</a>. The first funding round took place two years ago and was led by
Accel. In total, Nicolas Benady, the CEO and Co-Founder of the startup, raised €58 million for
development.</p><p>"Swan
is on a mission to build the leading tech-driven bank in Europe. The simplicity
and scalability of our BaaS technology is what drives our success,"
Benady commented.</p><p>Swan has
already made significant strides in Europe, with offices in France, Spain, and
Germany. The new funding will accelerate its international expansion, including
upcoming launches in the Netherlands and Italy. The company has garnered over
100 customers and processed more than €7 billion in transactions across 30
European countries. Swan's workforce is also expected to expand in the coming
years to support this rapid expansion.</p><blockquote><p lang="en" dir="ltr">A message from our developers!