Splitit Redefining Retail May 2024 Banner

Swan Taps Wise to Enable International Payments for European Companies

Wise

European embedded finance firm Swan has integrated Wise Platform to enable its clients to send and receive money from more than 190 countries. 

With Wise Platform, which is Wise’s infrastructure offering for financial institutions and enterprises, Swan’s clients can enable their customers to send and receive funds in more than 20 currencies at the mid-market rate, the companies said in a Thursday (April 4) press release.

“People expect in-app payments to be available in whatever currency they need,” Nicolas Benady, CEO at Swan, said in the release. “Through Swan’s partnership with Wise, any European company can easily embed international payments into their product.”

Swan enables transfers with lower costs and faster delivery by prioritizing local routes, and offers transparency by displaying fees before transfers, Benady added.

With Wise Platform, over 60% of all transfers sent globally settle in less than 20 seconds, according to the release.

The new partnership means that Wise Platform is fully integrated into Swan’s technology stack, so Swan’s clients can implement the solution faster and at less cost and enable seamless international payments, per the release.

“Wise Platform and Swan share a philosophy of building products and solutions that make life easier for customers, so that they can focus on their core business,” Steve Naudé, managing director at Wise Platform, said in the release. “That’s why we’re so excited to launch this partnership, which gives their European clients an intuitive, affordable and more efficient way to send and receive money when doing business internationally.”

This announcement comes about seven months after Swan raised $39 million in a Series B funding round to expand embedded banking in Europe.

The company was founded to help companies that wanted to debut banking products but didn’t want to have to create banking operation and compliance departments, Benady said at the time. He added that Swan now provides services to more than 100 companies in Europe.

As for Wise Platform, it formed a partnership in November with Webexpenses, a supplier of cloud-based financial management software, to help that firm provide an expense solution across multiple currencies. With the integration of Wise Platform, Webexpenses customers can manage and pay their expenses directly from the platform.