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Building a €20 Billion Banking-as-a-Service Platform – Insights from Swan’s CEO Nicolas Benady

May 30, 2025

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In this episode of Unicorn Bakery, Nicolas Benady, co-founder and CEO of Swan, shares the journey of building one of Europe’s leading Banking-as-a-Service (BaaS) platforms. Nicolas takes us behind the scenes of how Swan started in 2019, spent two years building its infrastructure, and has now grown to process over €20 billion in payments annually.

Nicolas discusses the challenges of creating a BaaS platform from scratch, the importance of conviction and timing, and how Swan is helping companies embed banking services, such as accounts, cards, and payments, into their own products. He also shares insights into fundraising, team building, and expanding into new markets, such as Germany, Spain, and the Netherlands.

What you’ll learn in this episode:

The Journey of Building Swan:

How Nicolas leveraged 13 years of fintech experience to identify the need for a better BaaS platform
Why conviction and a clear vision were critical during the two years it took to build Swan’s infrastructure and obtain its e-money license

Fundraising and Growth:

How Swan raised over €100 million, including a €42 million Series B extension, to scale its operations
Lessons from fundraising, including why the first round was the hardest and how traction and reputation made later rounds easier

Product and Market Fit:

Why Swan focuses on small and medium businesses (SMBs) and how it partners with accounting and expense management software to deliver seamless banking services
The importance of building a product that’s easy for developers to integrate, inspired by the simplicity of platforms like Stripe

International Expansion:

How Swan approached launching in new markets like Germany, Spain, and the Netherlands
The challenges of adapting to different regulatory environments and market dynamics while maintaining a centralized team in Paris

Leadership and Team Building:

How Nicolas built trust with his co-founders and scaled the team to over 300 employees
The importance of hiring for both skills and cultural fit, and why Nicolas brought on a deputy CEO to help scale the company

ALLES ZU UNICORN BAKERY:

https://zez.am/unicornbakery

Mehr zu Nicolas Benady:

LinkedIn: https://www.linkedin.com/in/nicolasbenady

Website: https://www.swan.io/

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Chapters:

(00:00:00) What was the first time seeing traction since 2019?

(00:04:26) How is Nicolas validating ideas?

(00:08:48) Defining the exact problem before SWAN