Swan: Nicolas Benady Steps Back, Camille Tyan Takes the Helm
Eight years after launching Swan, cofounder Nicolas Benady is leaving his operational role. He stays on the board while the fintech aims for profitability by 2027.
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giftdetect· the right gift in minutesNicolas Benady, cofounder of the French embedded finance company Swan, is stepping back from his operational duties eight years after the venture began. Camille Tyan is now at the helm of the fintech. Benady will remain on the board of directors and says he is preparing his fifth company, without revealing what it will do.
"In December 2018, we started Swan. 8 years later, I'm stepping back," he wrote on LinkedIn. He recalled that the project began under the name IbanX as a "Bank for developers" and stressed: "We never pivoted." He had already defended that strategic continuity in 2022, when he outlined Swan's European ambitions and its Banking-as-a-Service model.
Growth and funding
Swan was created in 2019 within the eFounders ecosystem, now known as HEXA. It gives software publishers the infrastructure to build accounts, cards and payments into their own products. The company raised a 37 million euro Series B in 2023, followed by a 42 million euro extension in January 2025.
Swan now reports 45 million euros in annualized net revenue, up from 33 million in December 2025. That annualized figure should not be confused with its accounting revenue.
The profitability test
The next challenge is turning growth into profit. Swan's 2025 statutory accounts showed a net loss of about 15 million euros, and management is targeting break-even in 2027.
The company also has to manage changing relationships with its large partners. One of them is Pennylane, a long-time Swan customer, which is now preparing to bring some banking functions in-house. How that shift affects Swan's revenue will be a key factor as the new leadership sets its course.
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