Another excellent analysis from Stuart Blackhurst’s Finsur. This time Finish Apple refurbisher Swappie. The company was established in 2016 by serial entrepreneurs Sami Marttinen and Jiri Heinonen, originated after Marttinen experienced fraud when buying a used Apple iPhone online. The company built on the existing entity Digilean Nordic Oy and aimed to create a circular economy around Apple devices. Nearly a decade later, Swappie operates in 24 European markets and the US, supported by multiple funding rounds totalling approximately € 147 million, including a recent € 18.4 million loan from the European Investment Bank.
Leadership and centralisation changes
In September 2023, Swappie centralised inventory and sales under its Finnish parent company. Subsidiaries in Estonia and Germany shifted to fulfilment and refurbishment roles, redefining the group’s working capital and risk allocation. Jussi Lystimäki joined as CEO in June 2025, bringing significant marketplace experience to drive growth and circular innovation. Swappie remains focused exclusively on Apple iPhone and iPad devices.
Revenue growth driven by Europe
Swappie reported € 248.7 million in revenue for FY2024, a 20.0% increase from € 207.3 million in 2023. Gross profit rose to € 50.4 million at a 20.3% margin. Operating loss was € 20.5 million, slightly improved from € 19.7 million the previous year, while net loss reached € 24.0 million. Revenue growth was primarily driven by the Rest of Europe, which rose 24.3% to € 227.2 million, offsetting a 13.1% decline in home country Finnish sales to € 21.4 million.
Profitability and cost analysis
The increase in revenue followed additional marketing investments in response to a more competitive environment. Employee productivity improved, with 777 staff generating € 320 k per head, up from € 253 k in FY2023. Cash reserves slightly declined to € 12.8 million. While overall revenue expanded, losses persisted, reflecting ongoing investments and restructuring costs.
Service offerings gain momentum
Services revenue, primarily from “Swappie Care,” grew 57.6% to € 2.1million. This device upgrade subscription allows customers to exchange Apple iPhones while returning old devices for refurbishment. The programme combines device protection with a regular upgrade cycle, supporting the company’s circular economy model. Product sales remain the main revenue driver at € 246.6 million, representing 99% of total revenue.
Unit economics and market impact
Assuming an average selling price of € 400, Swappie sold approximately 617,000 devices in FY2024, up roughly 100,000 units from 2023. The focus on Apple devices positions Swappie strongly in the European secondary market, while ongoing service innovation provides additional growth avenues. With a centralised structure, renewed leadership, and expanding services, Swappie appears well-positioned to strengthen its European presence and explore further markets, balancing revenue growth with profitability challenges.
Source: Finsur
Market
Trade-in
Repair
Refurbishing
