Flexibility of marine animal fins has been thought to enhance swimming performance. However, despite numerous experimental and numerical studies on flapping flexible foils, there is still no clear understanding of the effect of flexibility and flapping amplitude on thrust generation and swimming efficiency. Here, to address this question, we combine experiments on a model system and a weakly nonlinear analysis. Experiments consist in immersing a flexible rectangular plate in a uniform flow and forcing this plate into a heaving motion at its leading edge. A complementary theoretical model is developed assuming a two-dimensional inviscid problem. In this model, nonlinear effects are taken into account by considering a transverse resistive drag. Under these hypotheses, a modal decomposition of the system motion allows us to predict the plate response amplitude and the generated thrust, as a function of the forcing amplitude and frequency. We show that this model can correctly predict the experimental data on plate kinematic response and thrust generation, as well as other data found in the literature. We also discuss the question of efficiency in the context of bio-inspired propulsion. Using the proposed model, we show that the optimal propeller for a given thrust and a given swimming speed is achieved when the actuating frequency is tuned to a resonance of the system, and when the optimal forcing amplitude scales as the square root of the required thrust.