Swan, a European fintech of French genesis operating in the integrated finance sector, is opening an office in Milan with the aim of offering Italian companies access to the integrated finance market, which is expected to reach a value of $7.2 trillion globally by 2030 according to Dealroom’s findings.
More than a hundred European companies have already integrated some banking services, such as accounts, cards and payment systems, into their products through Swan‘s offerings. The banking-as-a-service approach enables companies to improve the customer experience and create new revenue streams.
Alessandro Giovanelli, head of Italy at Swan, describes in a note how integrated finance is key for many companies in reaching their full potential, especially in a context where tech entrepreneurship is in the midst of an expansive phase: “The tech landscape in Italy is undergoing a significant phase of expansion and transformation. By 2023, the combined enterprise value of Italian startups rose to $54 billion (source: Dealroom). Although still in its infancy, especially when compared to other major European economies, our ecosystem is on a growth trajectory comparable to that of France and Spain; it is precisely integrated finance that will be one of the main drivers of this expansion, representing the best tool for unlocking the potential of Italian companies in many sectors, such as financial management, human resources, real estate and travel, to name but a few.”
With Swan ‘s arrival in Milan, Italian companies will be able to offer their customers local current accounts under their own brand and other banking services, such as Italian IBANs, with localized legal and compliance assistance. This type of offering is a key aspect of Swan‘s hyper localization strategy, which aims to tailor financial services to the specific needs of each market it serves-France, Germany, Italy, the Netherlands, Spain and others.
“We are here to help Italian companies easily add banking capabilities to their offerings and quickly strengthen their new solutions in the marketplace. By offering accounts, payments and cards with their own logo, companies can offer better products, consequently increasing their expansion; many companies working with us report tripling their revenue per customer after introducing our banking services – says Nicolas Benady, CEO of Swan . Swan enables both early-stage startups and structured companies to enter the integrated finance market and compete on a global scale.”
Swan has already processed more than 15 billion euros in transactions for a range of clients from 16 different business sectors. The companies that have chosen Swan are many; from large enterprises like Carrefour, to rising tech unicorns like Pennylane. Among the Italian ones are Agicap, which operates in cash flow management, and Tundr, a social fintech.
Tundr was the first Italian entity to rely on Swan. Their corporate benefits platform offers vouchers for green mobility, shopping and recreation, coupled with a sustainability-focused app that allows employees and employers to track benefits and manage spending using customized filters.
Swan ‘s launch in Milan is just one of the steps within the broader European expansion strategy, fueled by 37 million euros of second-stage investment in 2023 and launches in Barcelona and Amsterdam the same year.
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