French embedded banking startup Swan has raised an additional €42 million (US$44 million) in its series B funding round.

The round was led by Eight Roads Ventures, with participation from existing investors such as Lakestar, Accel, Creandum, Hexa, and Bpifrance.

The company’s valuation was not disclosed, but CEO Nicolas Benady is said to be higher than before.

Swan provides embedded financial services, enabling businesses to create payment accounts and issue both physical and virtual cards compatible with Apple Pay and Google Pay.

It also handles compliance and know your customer (KYC) requirements.

Swan processes €1.5 billion (US$1.56 billion) in transactions monthly and supports 150 clients, including Pennylane, Indy, and Agicap.

The new funding will support its international expansion, starting with Italy.