What is Swan?
Swan is a French banking-as-a-service provider and licensed e-money institution. Platforms use it to offer business accounts, cards and, since 2026, card acceptance to their customers under their own brand, while Swan handles the regulated part: safeguarding the money, KYC, AML and card issuing. Swan raised €42m in 2025, according to the company.
Embedded banking with Swan
Swan's core product is an account with a local IBAN plus virtual and physical cards. Local IBANs are available in six markets: France, Germany, the Netherlands, Spain, Italy and, since January 2026, Belgium. That matters for platforms selling to small businesses, which often want an IBAN from their own country. Platforms can also build on top of the account: HERO Wallet gives each customer of a craft business its own virtual IBAN, with reconciliation and dunning built in.
Embedded payments with Swan
In 2026 Swan added card acceptance. Accountable launched Tap to Pay in its app, so German freelancers can take card payments on their phone, and the French accounting platform Indy offers it too. For Swan, it brings more money into the accounts it already runs.
Where is Swan available?
Swan's licence covers the EU, with local IBANs in France, Germany, the Netherlands, Spain, Italy and Belgium. It does not cover the UK.
Who uses Swan?
- Accountable: German IBAN and debit card for freelancers since 2025, and card acceptance since 2026
- Indy: card acceptance for French freelancers
- HERO Software: HERO Wallet for German craft businesses, 2026
- Sibill: accounts for Italian SMEs, 2025
- Tesmo by SNCF: expense cards for business travel, 2025
- Aareon: banking for property managers in Spain, 2024
- Ageras, Fleming, Yuki and GoDutch
