Embedded finance fintech Swan has opened its first office in Spain as part of its efforts to expand into the European market. The France-based company has established a presence in Germany in 2022, and now, Spanish companies will also be able to leverage Swan’s application of embedded finance in order to enhance customer experience while improving revenue.

Swan’s Banking-as-a-Service (BaaS) platform allows companies to offer financial products and services such as accounts, wallet cards, loyalty cards, and employee benefits to their customers without having to operate as a bank. According to the company press release, the fintech has processed EUR 5 billion worth of transactions since its inception in 2019, with around EUR 400 million currently being processed each month. Regarding the expansion in Spain, Swan officials emphasised the country’s achievements when it comes to technological innovation and revealed the location of their physical office: Barcelona.

They also talked about embedded finance and highlighted its important role in the future of tech products, especially when it comes to customer experience and revenue-boosting. Some of the first Spain-based companies to leverage Swan’s embedded finance offerings are the financial wellness app Payflow, and the expense management platform OKTicket. Other developments from Swan In March 2023, Swan partnered with Europe-based provider of automated expense and spend management Expensya.

Through this partnership, Expensya has integrated payment cards into its platform in a bid to keep its promise to deliver optimum and end-to-end traceability of all company spending. From invoicing to reimbursement, the B2B SaaS platform automates every stage of the expenditure management cycle and cost reporting process. Expensya was able to support its expansion in European countries by including financing and virtual and actual payment cards in its solution.

In the same month, Swan introduced local IBANs in European countries such as Germany and France. Following the rollout of local IBANs in France and Germany, the company plans to do the same with Spanish IBANs as part of its expansion efforts across Europe. In the official press release, Swan representatives revealed that rolling out IBANs with local country identifiers is part of their hyper-localisation strategy.

They also emphasised that, while not many finance providers are willing to take this approach, they hope to leverage local IBANs to expand their customer base. IBANs are international bank account numbers that are assigned to single accounts within the SEPA network (Single Euro Payment Area). This unique identifier enables financial service providers such as Swan to offer payment services securely to their destinations throughout Europe.

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