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# Proptech provider Aareon launches banking product in Spain
- URL: https://www.embeddedfinancereview.com/proptech-provider-aareon-launches-banking-product-in-spain/
- Published: 2024-09-30T20:49:00.000Z
- Updated: 2025-11-15T21:00:02.000Z
- Description: Proptech provider Aareon launches TucoBan banking with Swan for Spanish homeowner associations after virtual IBAN success. How property management becomes fintech infrastructure.
- Author: Lars Markull
- Tags: News, Aareon, Swan, Spain, Embedded Banking, PropTech, Embedder

There is a good chance you have never heard of Aareon. But if you did, you probably have some touching points with property management. **Aareon is a software-as-a-service provider for property management** and its history goes back to the 1950s. German Aareal Bank owns the majority of Aareon, and together with Swan, it has just **introduced a banking product in Spain** ([The Paypers](https://thepaypers.com/online-mobile-banking/swan-augments-iesas-proptech-with-embedded-banking--1270251?%5Fbhlid=6ecee876ebf4f5f9540ffcd9aeba70914e05f739&ref=embeddedfinancereview.com)).

But Aareon is not a new player in the world of embedded finance. The core product of Aareon is a property management system, which is basically an **industry niche ERP** for the property industry. In this product offering, Aareon **already offers payment products** which it advertises under the [Aareon Pay](https://www.aareon.com/Pay.942127.html?%5Fbhlid=20220c831d193b5164e9faea9e7a981b7158aabd&ref=embeddedfinancereview.com) brand. To be more specific, it offers a virtual IBAN solution to rental unit owners, which can then share unique IBANs with their tenants. This completely removes reconciliation efforts, as tenants do not have to add a purpose text for the monthly rent transfer anymore.

Now Aareon, or its Spanish subsidiary IETS to be precise, went a step further and launched a complete banking product in Spain under the brand [TucoBan](https://www.tucoban.com/home/quienes-somos?%5Fbhlid=3deea0ad298cc9dc67cce6cf72186a0da69bf6a6&ref=embeddedfinancereview.com). The product is **specifically designed for homeowner associations**. These associations are common in Spain and other European countries and these associations are responsible for the public space around their own properties. **Onboarding and managing such associations** from a financial service point of view **is not always easy and the product seems to address this need.**