PYMNTS MonitorEdge May 2024

Swap Raises $9 Million to Launch Global eCommerce Platform

Swap has raised $9 million in a Series A round to launch its global eCommerce platform designed to facilitate cross-border shipments.

The new Swap Global will enable the company to help direct-to-consumer (DTC) brands unlock new markets with delivered duty paid (DDP) shipping, automated tax remittance and express customs clearance, the company said in a Tuesday (April 30) press release emailed to PYMNTS.

Swap will also use the new funding to grow its marketing and sales teams and expand its footprint in the United Kingdom, Europe and the United States, according to the release.

“I am thrilled to be partnering with QED Investors and its team of seasoned FinTech operators to help scale Swap globally, at a time when DTC companies are desperately looking for ways to streamline their operations and improve customer lifetime value,” Sam Atkinson, co-founder of Swap, said in the release.

Swap’s eCommerce operating system manages all operations for DTC brands, including shipping, tracking, package protection, returns and cross border, according to the press release.

The company partners with hundreds of DTC brands, the release said.

With its new product offering, Swap will aid companies in their global growth by offering guaranteed landed costs; ensuring duties, taxes and fees are done at checkpoints; and handling all global tax filing and duty drawbacks, per the release.

Swap has built a “one-stop shop” solution, Alexandra Piedrahita, principal at QED Investors, which led the Series A round, said in the press release.

“Instead of building one more point solution, Swap has built a one-stop shop for a merchant’s entire logistics stack, starting with the two most challenging pieces of the puzzle — returns and cross border,” Piedrahita said. “We have no doubt that the company’s wholistic approach to eCommerce operations is truly game-changing for brands and retailers.”

PYMNTS Intelligence has found that global trade has climbed to new heights after rebounding from the pandemic.

The rising tide of international trade and cross-border transactions means businesses must look abroad to maximize growth and access the greatest number of customers, according to “The Treasury Management Playbook: Spotlight on Cross-Border Payments,” a PYMNTS Intelligence and Citi collaboration.