Swan and Lucca Forge Strategic Partnership

Europe’s rising star in embedded finance, Swan, has announced a strategic partnership with Lucca, an HR and finance software platform. Lucca boasts 1.3 million users across 112 countries. Swan’s Banking-as-a-Service (BaaS) technology is already being used by Lucca to enhance its expense management service, providing a superior user experience through automation in embedded finance.

An Evolution in Expense Management

Lucca’s unique selling point is the inclusion of payment methods in its subscription at no extra charge. The company perceives this integration as crucial for efficient expense management. This addition of embedded finance has thrust Lucca into the fintech domain, amplifying the power and user-friendliness of its HR and financial solutions. Mathilde Fossat, Cleemy Payment Product Manager at Lucca, anticipates that within a year, 10% of their users will be equipped, and over 5,000 cards will be in circulation. The expected growth does not stop there, with 30% of customers projected to be equipped within two years.

Swan’s Support for Lucca’s Banking Transition

The partnership announcement follows closely behind Swan’s recent €37 million Series B investment round led by Lakestar, which highlighted the market’s faith in Swan’s BaaS technology. The funds raised will allow Swan to extend its product range, including new payment collection methods and integrated lending options. This enhances Swan’s position as a strong tech and banking partner, capable of supporting partners like Lucca in boosting their product innovations in the upcoming years.

Swan’s CEO, Nicolas Benady, cited the HR sector as ripe for innovation with banking features. He expressed his belief that this partnership represents a turning point, positioning an established HR and financial software to integrate banking and create the software of the future. Benady also emphasized that embedded banking is not exclusive to financial apps. Companies across various sectors can improve user experiences and unlock new revenue streams concurrently.