+50%

est. 2Y upside i

FinTechSeries B

Swan is the leading European fintech specialized in embedded banking. Companies of all kinds can unlock the full potential of their product by embedding Swan's banking features such as accounts, cards, and payments.

Rank

#956

Sector

Fintech

Est. Liquidity

~2Y

Data Quality

Data: Low

Equity upside is highly uncertain due to missing valuation and growth data.

Last updated: July 3, 2026

Bull (20%)+273%

Swan capitalizes on strong moat and BaaS market growth, exceeding revenue projections. Exit multiple holds at 10x on projected $78.66M revenue, yielding 273% net upside after 20% dilution.

Base (35%)+116%

Revenue grows as projected, exit multiple converges to 6x within public comp range. Base case yields 116% net upside after 20% dilution.

Bear (45%)-100%

Incumbent threat from Stripe and Adyen intensifies, multiple contracts to 1.5x. Preference stack ($108M) consumes proceeds, leaving common stock valueless, resulting in -100% upside.

Est. time to liquidity~2.0 years

Preference Stack Risk

severe

Funding Intensity

54%

Total preferred stock of $108M represents 54% of entry valuation, implying common equity value of only ~$92M.

Dilution Risk

high

With $108M total funding and not profitable, a further fundraising within 24 months is likely, causing additional dilution of ~20%.

Secondary Liquidity

none

No secondary market activity reported; equity is illiquid until an exit event.

View all 8 open roles at Swan →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Swan's data — designed to show you've done your homework.

  • 1

    “How does Swan plan to differentiate against Stripe Treasury and Adyen's embedded banking offerings?”

  • 2

    “What is the company's path to profitability and how does the burn rate align with current funding?”

  • 3

    “What liquidity events are realistically achievable for employees given the preference stack and market conditions?”

Community

Valuation Sentiment

Our model estimates +50% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.