Swap Raises $40 Million to Launch eCommerce Inventory Tool
Cross-border eCommerce operating system Swap has raised $40 million in new funding.
The company’s Series B round, announced Tuesday (March 4), will allow Swap to expand into new markets and verticals, and launch new products.
“From the beginning, we’ve set out to create a new category that is a platform-level solution across all of a brand’s operations,” Sam Atkinson, Swap’s co-founder and CEO, said in a news release. “This funding cements us as the only e-commerce operating system that can enable inventory solutions, cross-border growth, returns management, and shipping and logistics in a way genuinely tailored to a brand’s needs.”
Among the company’s planned product launches is “Swap Inventory,” which embeds forecasting into all of a business’ operations, such as demand forecasting, inventory tracking, AI insights and recommendations.
“With the global cross-border market expected to reach a value of 7.9 trillion U.S. dollars by 2030, Swap recognizes this market’s unlimited potential — thus planning to double down on its cross-border solution,” the release added.
The company’s Series A funding round, closed in April of last year, raised $9 million to help the company launch its Swap Global cross-border shipping platform.
And in January, Swap launched a partnership with tax compliance automation software maker Avalara, aimed at providing cross-border compliance for brands selling on marketplaces and platforms around the world, as well as for the marketplaces themselves.
“Swap understands the needs of their customers, and their integrated offering reduces complexity for online retail customers in many ways,” said Craig Reed, general manager, cross border at Avalara. “We understand that digitization of business processes is not an option, it is essential; we are proud to offer fast, accurate and easy compliance automation solutions to our shared customers.”
That partnership and Swap’s new funding come at a moment when global merchants in the eCommerce space are wrestling with an array of challenges — and opportunities — brought about by the digital era, as PYMNTS wrote last year.
“Against this backdrop, building a thriving cross-border business demands a comprehensive strategy that navigates complexities while capitalizing on avenues for growth,” that report said. “The concept of ‘good authorization hygiene’ emerges as a pivotal tool that merchants — especially those with recurring revenue business models — can leverage to optimize customer authorization rates when conducting global transactions.”
And businesses that aren’t ready for cross-border compliance, PYMNTS argued in a separate report last fall, “may as well be writing regulators a blank check.”
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