Insider Brief
- Swap raised a $100 million Series C co-led by DST Global and ICONIQ to expand its AI-driven global commerce operating system beyond returns into cross-border, tax, and demand planning.
- The company is building infrastructure that enables agents to transact, recommend, and process payments globally, with new capital supporting geographic expansion and enhanced payments capabilities in partnership with Adyen.
- The round follows a $40 million Series B six months earlier and will help Swap enter new regions and verticals while scaling end-to-end tools for global brands.
PRESS RELEASE — Swap, the commerce operating system, announced a $100 million Series C co-led by DST Globaland ICONIQ, which is doubling down on its initial investment. Having evolved from its early days as a returns-focused platform, Swap expanded into cross-border last year, laying the groundwork for AI-driven commerce infrastructure that allows agents to transact, recommend, and process payments across merchants globally. With this capital, Swap will continue to strengthen its position as a leader in global commerce.
Rapidly expanding its product suite from returns to cross-border, and now to tax and demand planning, the new investment will accelerate Swap’s mission to revolutionize how commerce is bought, sold, and exchanged globally. Further, the capital will enable Swap to enter new target geographies and bolster its payments capabilities. Swap partnered with Ayden to further its expertise within the payments space. Ultimately, these enhanced product offerings will allow brands to make informed logistics decisions — from returns to cross-border — based on real-time insights. This approach will maximize revenue opportunities while helping customers adapt to changing market conditions and evolving consumer behavior.
“We have built an existing fleet of products that enable any brand to scale globally,” says Sam Atkinson, Founder and CEO of Swap. “Building upon this foundation of global commerce solutions, we will continue to help brands reach their full potential, leveling up on the promise to be the go-to platform for brands to sell anywhere, anticipate intent, and convert more business.”
As Swap enhances its existing operations, planning, and tax offerings, brands will simultaneously gain access to a seamless commerce experience. The company will also use this capital to invest in digital payments and in monetizing transactions to become a clear leader in the purchasing revolution happening within commerce.
This funding news comes just six months after the company’s Series B round, which raised $40 million led by ICONIQ to accelerate expansion into the U.S. and EU and open new regions, including Australia and Canada. Swap also plans to enter underserved verticals such as beauty, home goods, and consumer technology. To learn more about Swap, visit https://www.swap-commerce.com/.
“As a long-time partner of Swap, we believe in their mission to become the go-to resource for commerce globally,” says Seth Pierrepont, General Partner at ICONIQ. “Our new investment doubles down on our belief that in today’s world, brands need sophisticated, end-to-end tools to optimize their operations. Swap is forging that path for brands of all sizes, and we are excited to be a part of it.”
About Swap:
Founded in 2022 by Sam Atkinson and Zach Bailet, Swap builds infrastructure to enable global commerce. Swap provides best-in-class solutions for demand forecasting, cross-border, and tax — helping businesses scale anywhere with confidence. To learn more, visit Swap Commerce.
About DST Global:
DST Global is one of the leading global Internet investment firms. Its investments include some of the world’s fastest-growing and most valuable companies. DST Global’s founder is Yuri Milner, and its co-founders are Saurabh Gupta, John Lindfors, Rahul Mehta, and Tom Stafford. For more information, visit DST Global.
About ICONIQ:
ICONIQ is a global investment firm catalyzing opportunity through extraordinary community. Our venture and growth investment platform partners with visionaries defining the future of their industries to achieve uncommon outcomes. Drawing on the perspectives and connectivity of our extraordinary community, we support our portfolio companies’ success at every inflection point, from inception to IPO and beyond. Our robust portfolio includes Adyen, Airbnb, Alibaba, Alteryx, Airtable, Anthropic, Automattic, BambooHR, Braze, Canva, Chime, Coupa, Databricks, Datadog, DeepL, ElevenLabs, Figma, Gitlab, Glean, Groww, Netskope, Procore, Ramp, ServiceTitan, Sierra, Snowflake, Writer, Zoom and 1Password, among others. For more information visit ICONIQ.
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