Simplified management of our shareholder base
Amid a series of funding rounds and the expansion of its employee stock ownership program, Swan needed a single, reliable source to manage its capital structure: Equify now enables the company to secure its data, streamline its processes, and save time on a daily basis.
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“With Equify, we’ve found much more than just a tool: a true source of truth for our capital structure. It allows us to manage our shareholder base with confidence, streamline our communications with all our stakeholders, and ensure operational continuity, even amid rapid growth.”
About Swan
Swan is a European fintech company specializing in integrated financial services. Businesses of all types can unlock the full potential of their product by integrating Swan’s features, such as accounts, cards, and payments. Swan processes more than 2 billion euros in transactions per month for over 150 companies, including Pennylane, Indy, Agicap, Libeo, and Lucca, and operates in 30 European countries. Founded in 2019, the company is backed by leading investors such as Lakestar, Accel, Creandum, Bpifrance, and Eight Roads. Swan is a principal member of Mastercard and a licensed financial institution regulated by the French banking authority (ACPR). The company also holds FT120 certification and was ranked in the top 3 of the Sifted 50 in France.
About Adelaide
Adélaïde joined Swan in July 2025 as General Counsel. Pragmatic and focused on legal innovation, she previously served as Head of Legal & DPO at Playplay, where she discovered Equify and helped digitize the company’s employee stock ownership program. Prior to that, Adélaïde was Legal Manager-Innovation & Digital and Data Lead at TF1, overseeing compliance and data protection for cross-functional digital projects across the TF1 Group. A lawyer by training, Adélaïde has developed strong expertise in contract law, data protection, and intellectual property.
Structured Shareholder Management
In 2021, Swan completed a Series A funding round, marking a key milestone in its growth. This round was accompanied by the implementation of a stock option plan designed to retain and motivate the talent joining the company.
Faced with this new reality (a broader shareholder base, the allocation of shares to teams, and tracking vesting and exercise conditions), the legal team quickly recognized the limitations of Excel spreadsheets and manual processes. The complexity of the capitalization table, the risk of errors, and the need to reliably document each transaction made it essential to adopt a dedicated tool.
It was against this backdrop that Equify was rolled out in October 2021, to establish a structured framework for managing the employee stock ownership program from the outset and ensure a solid foundation for Swan’s future growth.
A more reliable capital structure
Amid growth and legal restructuring, Swan faced an increasingly complex capitalization table that was difficult to maintain without the risk of errors. By adopting Equify, the team centralized all capitalization data and automated critical monitoring tasks. The result: an elimination of manual re-entry and inconsistencies between documents, with an up-to-date overview that can be accessed at any time. Processes are now more streamlined for responding to both internal and external requests.
In practical terms, Equify enables Swan to centralize its capitalization table and transaction history in a single repository, with full traceability. The tool saves a significant amount of operational time on preparing, verifying, and sharing capital-related information. Its user-friendly interface-which is much more intuitive and readable than Excel-makes navigation, verification, and exporting faster.
“We needed a single, reliable source for our capital table-one capable of handling the complexity of our operations without creating multiple files or increasing the risk of errors. Equify has allowed us to streamline our tracking and save valuable time every day.”
Smoother Collaboration
Equify streamlines collaboration between internal teams and Swan’s ecosystem-including lawyers, investors, and security holders-through secure access, full traceability, and standardized workflows.
For attorneys, direct access to the company's account allows them to quickly find the information they need and compile legal documents without having to go back and forth multiple times, saving them time during their reviews.
Adelaide can quickly answer investors’ frequently asked questions about the capitalization table thanks to up-to-date views and standardized exports. Equify also makes it easier for her to respond to their ad hoc requests: “In practice, for example, I can generate and send an account registration certificate in just a few clicks, making it very easy to respond to my investors’ requests,” explains Adélaïde, Swan’s General Counsel.
For beneficiaries of benefits, each person has a personal account that contains all their information and documents, allowing them to track their history and become more self-reliant.
“Equify streamlines our communication with attorneys and investors and gives beneficiaries independent access to their documents. Every day, we save valuable time and enjoy considerable convenience by simplifying interactions with all of our stakeholders .”
The Future with Equify
Swan now manages its entire employee stock ownership program at Equify. The team recently decided to extend the exercise periods for stock option grants in certain cases. With these longer time frames, managing the programs requires solid organization and a smooth handoff between teams over time.
Equify ensures this operational continuity: information is centralized and tracked, campaigns are documented from start to finish, and any authorized member can take over a case without losing any history. In practical terms, the platform eliminates the risk of information loss by clearly tracking assignments, exercise conditions, and related communications, ensuring that operations always run smoothly-even when team compositions change.
