France-based Embedded Finance platform Swan has partnered with Lucca to enhance expense management with embedded payment methods. Swan’s Banking-as-a-Service (BaaS) technology enables Lucca to improve its expense management offering, enhancing the user experience by minimising inefficiencies through Embedded Finance automation.

The partnership’s objectives According to Lucca’s officials, the Embedded Finance feature introduced their company into the fintech area, improving its HR and financial solutions and offering a more user-friendly experience. The company expects to reach 10% of its equipped users and have over 5,000 cards in circulation within a year. The collaboration follows Swan’s recent announcement of raising EUR 37 million in a Series B funding round led by Lakestar. The capital increase highlights the market’s confidence in Swan’s BaaS technology as it expands across Europe.

The company aims to use the additional funds to advance its ongoing international expansion efforts, which include planned launches in the Netherlands, followed by an entry into the Italian market in early 2024. Moreover, the funding also ensures that partners like Lucca can further elevate their product innovations in the upcoming years. Swan’s representatives stated that the collaboration with Lucca demonstrates that Embedded Banking is not limited to financial apps. Companies in various industries can enhance their user experiences and unlock new revenue streams by tapping this approach.

Swan’s latest developments Launched in 2019, the company was founded as a startup studio eFounders, receiving growth capital from investors such as Lakestar, Accel, Creandum, and Bpifrance. Via its APIs, Swan allows European companies to integrate banking services, including accounts, cards, and payments, efficiently into their own products. Currently, Swan has offices established in France, Spain, and Germany and serves over 100 customers across 30 European countries, processing transactions valued at approximately EUR 7 billion. Before its launch in Spain, Swan partnered with Expensya to allow the latter to integrate payment cards into its platform.

This enables Expensya to provide corporate payment cards, improving the user experience for its clients and addressing the whole expenditure and spend management journey. At the beginning of March 2023, Swan also introduced local IBANs in European countries, including France and Germany. Following this launch, the company plans to roll out Spanish IBANs as part of its expansion efforts across Europe. About Lucca Headquartered in Italy, Lucca develops SaaS solutions to optimise administrative and HR processes.

Currently, the company has more than 6,400 clients and operates in 130 countries, designing software solutions for leave of absence management, expense reports, dematerialisation of HR files, online payslip distribution, and time tracking. Some of Lucca’s clients include Enyx, Ulule, Harvest, Akeneo, and Fives, among others. .