BaaS fintech Swan spreads its wings in Spain
Swan, the emerging European leader in embedded finance, today opens its first office in Spain as part of its continued European expansion. Spain is the second European country where Swan has established a local office, following a successful German launch last year. Swan’s use of embedded finance is a game changer for Spanish companies, enabling them to quickly and easily improve their customer experiences while increasing revenue.
Swan’s Banking-as-a-Service (BaaS) platform enables any company to offer its customers financial products and services (accounts, wallet cards, loyalty cards, employee benefits, etc.) without having to be a bank. It has emerged as a serious player in embedded finance and was recently tipped as one of the most exciting European fintech startups to watch in 2023 by Business Insider. The fintech has already seen significant growth, processing €5 billion of transactions since its inception in 2019, with around €400 million currently processed monthly.
At a press conference in Madrid, Júlia Turbany, sales director, who is leading the launch of Swan in Spain, commented: “Swan currently works with almost a hundred companies in ten European countries, but Spain is a benchmark in Europe in terms of technological innovation, so it was completely natural that we would establish ourselves here with a physical office in Barcelona.” Turbany stated.
Spanish companies such as Payflow (the leading financial wellness app in Spain) and OKTicket (a fast and powerful expense management platform) have already taken the opportunity to embed finance with Swan. Theodore Ohannessian, Chief Product Officer at Payflow, commented: “To build Payflow’s Flexflow card program, we looked for the most flexible European BaaS, both for technology and business model. Swan was the obvious choice for us and we have had good support from the team throughout the integration.”
“Embedded Finance plays a key role in the future of technology products. Improved customer experiences, increased revenue. Embedding finance has become a clear strategic step for all types of technology companies, and compared to our competitors, Swan has significantly simplified and accelerated the process.” emphasized Turbany.
Companies that embed finance with Swan gain access to the massive embedded finance market, which is expected to be worth $7.2 trillion globally by 2030. 40% of financial services are expected to be delivered in an integrated way by then. (Source: Dealroom)
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