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Thursday, June 30, 2022

Finland’s Swappie nears 100 mln eur annual turnover

The turnover of the Finnish Swappie, an online marketplace for refurbished smartphones, more than tripled in 2020 to 97.6 million euros from 31.1 million a year earlier.

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Last year, Swappie opened localised stores in Germany, Portugal, the Netherlands, Denmark, Ireland and Norway.

“Swappie continued to grow strongly in Finland, Sweden and Italy, in addition to which we got an excellent start in all new countries,” Sami Marttinen, Swappie’s founder and CEO, said in a statement.

Swappie says its also a technology company with its own technology for phone maintenance and tracking systems to optimize the process.

Last year the firm reported operating loss (EBITDA) widening to 10.4 million euros from 2.4 million in 2019. The company raised a funding round of 35.8 million euros last year to fund fast growth.

“Consumers are increasingly thinking about the impact of phones and other consumer electronics on the environment. Making better choices for the environment requires a reliable and workable option. In order to build reliability, it has been key to create processes and maintenance technology to ensure that serviced phones work like new, ”said Marttinen.

Cover photo by Eirik Solheim on Unsplash

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Tarmo Virki
Tarmo Virki
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