Tellow of Amsterdam partners with Swan to provide accounting with banking services

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amsterdam-based tellowan entity under the aegis of the Ageras group, announced on Thursday November 10 that it has now made it possible to open bank accounts and order payment cards from their accounting software suite thanks to its partnership with Swan.

According to Thomas Vles, CEO of Tellow, combining banking and accounting is an essential step to further automate and simplify accounting and tax for entrepreneurs.

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Vles says: “International players are already moving towards combinations of banking and accounting, but it will be local companies that will win the Dutch market. We are the only player in the Netherlands with our own bank accounts and integration with the Dutch tax authorities. Our users can manage administration, file their tax returns and pay their taxes from a single platform. »

About Ageras Group and Tellow

Ageras Group was founded in 2012 and helps small businesses succeed by streamlining their administrative processes. It does this by combining its solutions into a single “cockpit” for invoicing, accounting, payroll and finance, allowing business owners to focus on running their businesses.

The group started as an online marketplace, Ageras.com, connecting SMEs with accountants, and has grown into a 250-person company offering a suite of tools and services for SMEs. Currently, it offers cloud-based accounting software through its Zervant, Billy, and Tellow products, and payroll software Salary.

Tellow offers an automated accounting program specially designed for micro-enterprises and freelancers. It helps users to control their own recordings at all times, making their accounts understandable. Users can use the Tellow app to send quotes and invoices and track their finances. They can also scan their receipts and invoices, after which they can file quarterly in the VAT return to the tax office with one click.

Tellow serves more than 60,000 freelancers and small businesses in the Netherlands.

Objective of this partnership

Swan is a European provider of banking services as a service approved by the ACPR (Banque de France). The company has expanded to nine countries with an annualized trading volume of nearly €3 billion. Tellow is the launch partner in the Netherlands.

Vles says: “Swan is a strong partner with a leading position in Europe in terms of security, stability and innovation. It is important that customers are fully protected and always have access to their Tellow banking environment and for this a reliable partnership with Swan is essential.

Tellow thinks combining banking and accounting is beneficial. The company decided to enter the banking sector because of the opportunities it presents in terms of technology. Tellow already classifies purchase invoices and receipts using machine learning, but with real-time transactions, the company can also perform automated reconciliation.

Moreover, customers can also file a declaration with the tax authorities and pay the taxes due from their integrated Swan account.

Nicolas Benady, CEO of Swan, says: “We are delighted to see Tellow taking Dutch accounting into the future! With integrated banking, Tellow is able to create a truly seamless experience, which is great for its users and will also help the health of the business. At Swan, we make it easy for European businesses, and Tellow is exactly the kind of business we’re proud to support!”

Complete Tellow banking functionality

Swan’s European IBANs with the French prefix FR will be the first to be made available by Tellow; the local NL IBANs will follow the following year. Tellow mentions in a press release that users will not notice any functional or financial difference because of the prefix.

Within the Eurozone, Tellow and Swan provide real-time transfers, and they also handle SEPA direct debits and payment request connections. Users in the Netherlands have access to the same fundamental functionalities as those in conventional banks. Freelancers, business owners, holding companies and small businesses can all join Tellow.

Users can also get a working payment card on their phone after passing compliance tests. Ordering physical cards will result in a three business day delivery window. Physical and virtual credit and debit cards issued by Mastercard are accepted worldwide and are compatible with ApplePay and GooglePay.

All companies with offices in the Netherlands, including their founders, owners and employees, will be able to use Tellow and Swan’s banking services. There will be no deliberate exclusion of specific nations or nationalities. Tellow says: “Freelancers and entrepreneurs from Ukraine are especially encouraged to get in touch, as Tellow makes it easy for them to set up new businesses in the Netherlands without hassle.

Lines of credit up to 150K

From its own finance company, Tellow has been providing business loans and invoice financing for longer. With the introduction of banking services, Tellow will also expand its current range of financing options to include lines of credit.

The majority of information, including taxes and bank statements, has already been collected on the platform, so entrepreneurs can apply for a loan at the push of a button and generally do not need to produce any additional proof. Along with the introduction of the banking function, the maximum loan amount will also be increased; it is now €150,000 per loan.

Brief on Swan

Founded in 2019 by Nicolas Benady, Nicolas Saison and Mathieu Breton, Swan is a European leader in fintech and innovation in embedded finance. Via Swan’s APIs, European companies can integrate banking services (accounts, cards and IBANs) into their own product.

The fintech processes more than 200 million euros in transactions per month, for more than 60 companies in 10 European countries. Swan has over 100 employees and is led by fintech experts and experienced entrepreneurs. Major venture capitalists like Creandum and Accel have provided the company with expansion funding since its launch in partnership with startup studio eFounders.

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