Swan

Swan embeds banking features into other companies' products across Europe, covering accounts, payment acceptance and card programmes including business cards, expense cards and employee benefit cards.

Swan is unusually candid about the economics of card issuing, publishing an explanation of how a platform earns a proportion of each card payment through interchange, and that transparency is genuinely useful. Most companies considering embedded finance do not understand where the revenue comes from, and a vendor that explains the mechanism rather than promising a new revenue line is easier to plan against. Those illustrative figures describe how interchange works, not Swan's own charges.

Expense cards and employee benefit cards as distinct products reflect two different European markets. Expense cards replace the reimbursement cycle, where an employee pays and claims back weeks later, while benefit cards replace paper voucher schemes, which remain common in France and elsewhere and are ripe for a card product.

The accounting and bookkeeping vertical is called out specifically, and the logic is the strongest in embedded finance: an accounting product already holds the invoices and the ledger, so adding the account and the payment turns it into the place the money actually moves rather than a record of movement that happened elsewhere. New card packages offer three tiers with built-in insurance and competitive limits. Rates are not published.