The used devices are bought directly from end consumers (C2B), Swappie also buys iPhones from companies (business phones) or from intermediaries (B2B).[5] In some cities there are devices that work like reverse vending machines. People can drop in their used iPhones and have them valued. If the price offered is accepted, Swappie transfers the money to the seller's bank account.[6] In Sweden, Swappie has set up such devices in ICA branches, for example in Stockholm, Uppsala, Sundsvall, Helsingborg or Malmö.[7]
The inspection and refurbishing process consists of more than 50 steps.[8][5][9] It is carried out in two workshops located in Helsinki[10] and Tallinn (Estonia)[5] respectively. The company headquarters is also located in Helsinki.[11] The fulfillment for Central Europe is handled in Leipzig, Germany.[5]
Markets and focus
The company is active across Europe. Finland, Sweden, Italy and Germany are considered the company's largest markets.[12][13]Competitors differ from country to country. They include, for example Refurbed, Back Market, Mint+, Telia and Apple's own refurbed online store.[14][15][3]
Swappie focuses its business exclusively on iPhones.[8]
History
Sami Marttinen[2] and Jiri Heinonen[16] founded the company in 2016, back then under the name Digilean Nordic Oy.[17] The business idea was born after Marttinen fell victim to fraud when buying a used iPhone online.[12] The start-up raised funds from investors in several financing rounds between 2019 and 2022.[18][19] These investors include Lifeline Ventures, Reaktor Ventures, Inventure, and TESI.[2] The company had refurbished and resold more than 1 million iPhones by 2022.[8] At that time, the number of employees was 1,200[8] and sales amounted to over 200 million euros.[5] In 2024 the European Investment Bank, i.e. the European Union's investment bank, provided a five-year, €17 million loan.[20]
Awards
Swappie has been awarded as the fastest growing company in Europe according to the Financial Times and Statista FT1000 ranking in 2022[21] and Finland's most successful startup by Deloitte Technology Fast 50 list in 2021.[22]
^Lappalainen, Elina: Opiskelijoiden yritys teki miljoonan liikevaihdon ensimmäisenä vuonna: Swappie iski käytettyjen iPhone-puhelinten markkinaan [Student company turns over a million in its first year: Swappie hits the second-hand iPhone market]. Talouselämä, 2018-01-15.
