London-based e-commerce operating platform Swap has raised $100 million in a Series C funding round, underscoring strong investor appetite for technology that simplifies global online retail operations. The round was co-led by existing investors Iconiq and DST Global, both of which have backed Swap through earlier stages of its growth.
The Series C comes just nine months after the company’s Series B round, in which it raised $40 million led by Iconiq. With the latest funding, Swap has now raised $149 million in total since its founding in 2022, marking one of the fastest capital raises among European e-commerce infrastructure startups.
Building an Operating System for Global Commerce
Swap provides an all-in-one operating system designed to help e-commerce brands manage the increasingly complex logistics of selling internationally. Rather than relying on multiple vendors for functions such as cross-border shipping, order tracking, returns management, tax compliance, and inventory forecasting, brands can use Swap’s unified platform to handle these processes in one place.
The company positions itself as a global commerce enabler, helping brands scale into new markets without having to build internal logistics, payments, and compliance teams. Its platform integrates operational data across the supply chain, giving merchants greater visibility into costs, delivery performance, and customer behaviour.
Since launch, Swap has focused on serving digitally native brands looking to expand beyond their home markets while maintaining tight control over margins and customer experience.
Strong Investor Confidence and Rapid Growth
Investors backing the Series C said the round reflects Swap’s rapid customer adoption and expanding product suite. The company’s ability to raise a significant follow-on round in under a year highlights continued demand for infrastructure that supports international e-commerce growth, particularly as brands look to diversify revenue beyond domestic markets.
Swap’s customer base includes fashion and lifestyle retailers such as Manors Golf, Never Fully Dressed, and Surplus, all of which operate across borders and face complex logistics and tax requirements.
Expanding Payments and Market Reach
A key focus for the newly raised capital will be strengthening Swap’s payments capabilities. The company plans to invest heavily in digital payments infrastructure, enabling brands to manage transactions, currencies, and settlement across markets more efficiently.
Swap already partners with Adyen, one of Europe’s largest payments processors, following a partnership announced last year. The startup says it will build on this foundation to offer deeper payments integration as part of its broader commerce operating system.
Geographic expansion is also high on the agenda. While headquartered in London, Swap already has offices in the United States, Israel, and the Netherlands, and plans to expand further across Europe and North America as demand grows.
Integrating AI Into E-commerce Operations
Swap has increasingly been embedding artificial intelligence into its platform to automate and optimise complex operational tasks. Current applications include AI-driven support for cross-border tax filing, intelligent return processing, and demand forecasting.
By applying machine learning to large volumes of transaction and logistics data, the company aims to help brands anticipate customer intent, reduce friction in returns, and make better inventory decisions. Over time, Swap expects AI to play a growing role in helping merchants convert more sales while reducing operational overhead.
Vision to Become a Global Commerce Backbone
Sam Atkinson, founder and chief executive of Swap, said the company has already built a comprehensive suite of products that allow brands to scale internationally. He added that the latest funding will help Swap deepen its global commerce capabilities and move closer to its ambition of becoming the go-to platform for selling anywhere in the world.
As cross-border e-commerce continues to grow, Swap’s latest funding round positions it to compete as a core infrastructure provider for globally minded online brands.
