Embedded finance firm, Swan has opened its first office in the Netherlands, and introduced localised Dutch accounts, as part of its continued European expansion.
The move, which is seeking to tap into a growing demand for embedded services in the region, means Swan’s Dutch customers can now issue NL IBANs, and ensure all activities including compliance, legal, and product, are fully localized, the firm said.
Through Swan’s embedded banking platform companies can integrate banking services like local accounts, cards and payments, into their own platform. In September, it raised €37 million in Series B funding to support the internationalisation of the company and its Banking-as-a-Service platform. It also expanded to Spain earlier this year.
“As we’re continuing our growth path, the central location of the Netherlands within Europe will provide access to a larger market, making it a strategic base to further expand across the continent,” said Nicolas Benady, co-founder and CEO of SWAN.
“The Netherlands has a fast-growing fintech ecosystem, with many startups and established companies focusing on financial innovation,” he added.
In the past three weeks, three companies have opened Dutch accounts for their customers through the platform including Ageras who integrated Swan’s embedded banking features into its accounting and tax filing services.
“Banking is an essential part of our product suite, and by integrating it with accounting and tax filing, we can make life so much easier for small business owners. They can find everything they need for administering their business, all on one platform with one, single login,” said Thomas Vles, Chief Revenue Officer of Ageras.
Swan added that it expects to double its workforce in the next two years, with the Amsterdam office serving as an important hub for employees in the region.
“We see lots of interesting opportunities in our region that is known for rapid adoption of innovative financial solutions. Besides accounting software, the local team will focus on expansion across more industries in the Netherlands like business expense software, HR SaaS software and property management,” Marnix van Deursen, VP Benelux at Swan, said.