The round was led by ICONIQ Growth, with participation from prior lead investors Cherry Ventures, QED Investors, and 9900 Capital. With this capital, Swap will deepen its dominance in the U.K. market, accelerate expansion into the U.S. and EU, and open new regions, including Australia and Canada. Swap also plans to penetrate underserved verticals like beauty, home goods, and consumer technology.

Swap was founded in 2022 by Sam Atkinson and Zach Bailet to empower merchants with a seamless, fully integrated experience that connects the myriad complexities of their operations. From cross-border and inventory management to pricing and returns - Swap drives efficiency and fuels extraordinary growth with AI-powered insights and actions. Swap is the first platform to connect every key operation in the merchant journey while leveraging data, analytics, and AI to unlock value and drive unmatched growth.