In this latest episode of twice, Nicolas Benady, Co-founder and CEO of Swan, takes us behind the scenes. A serial entrepreneur and payments expert, Nicolas previously co-founded not one, but five startups, including two successful payment startups, Limonetik and Antelop, both acquired in 2021. Now leading Swan, his biggest venture yet, Nicolas opens up about the challenges of early entrepreneurship, the mental toll of being a founder, and his mission to create a generational company that redefines embedded banking. Nicolas also reflects on the pivotal role of co-founders, the often-overlooked power of design and marketing, and the resilience needed to pivot when things don’t work out.

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What we talked about:

How he envisioned Stripe and Qonto before their time: Nicolas foresaw concepts like Stripe and Qonto ahead of their time, and these ideas helped shape his entrepreneurial journey.
Meeting cofounder Nicolas Saison: The story of how Nicolas recruited his co-founder in 2008 as an apprentice, leading to their partnership at Swan.
Entrepreneurship is learned, not innate: Nicolas reflects on how entrepreneurship is a skill developed over time and the vital role of role models in fostering success.
The importance of choosing the right co-founders: Why selecting co-founders is critical, and the potential pitfalls of having too many.
The role of design, marketing, and content: How these often-overlooked elements can drive a startup’s success.
The ability to pivot or recognize when an idea won’t succeed: Understanding when it’s time to change direction and move away from unattainable goals.
The ambition to create European champions: Nicolas discusses the importance of building long-lasting companies that prioritize impact over exits.

Timestamps

1. [00:00:00] Intro

2. [00:03:57] Learning to become an entrepreneur: Why entrepreneurship isn’t innate and the importance of role models.

3. [00:09:32] Shaped by PriceMinister: How being one of the ‘small’ cofounders influenced Nicolas' future.

4. [00:21:03] Leaving Limonetik before exit: The journey of his first fintech and why he decided to move on.

5. [00:25:00] Ideas ahead of their time: How concepts like Stripe and Qonto influenced his vision.

6. [00:29:33] Navigating early struggles: Balancing financial pressures with personal responsibilities.

7. [00:32:40] Building Antelop: Creating a contactless payment solution in 2014.

8. [00:45:08] The rise of Swan: How he began shaping his most ambitious venture.

9. [00:47:59] Finding a co-founder in Nicolas Saison: Their meeting, growth, and eventual partnership.

10. [00:53:36] Marketing matters: Shifting focus from solely product/tech to realizing the importance of go-to-market strategies.

11. [00:58:36] What’s next: His entrepreneurial trajectory and the future of Swan.

Key products & people mentioned

Nicolas Saison: Co-founder of Swan who Nicolas met over 20 years ago.
Bulledezen: Nicolas’ first company, created in 2005, an ecommerce site for alarm clocks.
Limonitek: His second company, co-founded in 2007, a payment solution for ecommerce.
Antelop: His third company, focused on contactless payment solutions.
PriceMinister: Influential in Nicolas’ career; one of the first employees and a ‘small’ cofounder.
Visa: Where Nicolas worked between entrepreneurial ventures.
AXA: Managed web applications during his stint here, before returning to startups.

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