Swappie celebrates milestone with over two million customers in 2024

Commitment to making refurbishment mainstream

Emma Lehikoinen, Chief Operating Officer at Swappie, emphasized the company’s dedication to mainstreaming refurbishment. “With a refined strategy and dedicated investments, we’re focusing on long-term impact in each market that we operate in,” she said. “Swappie’s user-friendly online buyback service allows customers to sell their old iPhones easily, extending the devices’ lifespan and reducing e-waste. This approach aligns with Swappie’s vision of making high-quality refurbished electronics accessible to households across Europe”, according to the company.

EIB loan supports innovation

In 2024, Swappie secured € 17 million in funding from the European Investment Bank (EIB) through the InvestEU Programme. This financial backing will enhance the company’s research, development, and robotics capabilities, enabling faster and more reliable refurbishments.

Balancing growth and financial challenges

Despite its impressive revenue growth, Swappie reported a loss of € 21.5 million in 2023, significantly reduced from the € 41.5 million loss in 2022. In the period between 2020 and 2023, cumulative losses have amounted to € 104.7 million, nearly equal to the company’s total investments raised in 2022. Since the total investment came to € 149 million. These figures indicate Swappie’s challenges in balancing rapid growth with profitability.

Expanding its vision for the future

Looking ahead, Swappie is focused on expanding its operations and refining its processes to meet growing demand. By promoting smartphone reuse, conserving raw materials, and reducing carbon emissions, the company aims to set new standards for sustainable consumption in Europe.