Swap Secures $100 Million Series C Funding

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Alexandra Harrell

Wed, January 7, 2026 astatine 8:00 AM CST 4 min read

Commerce operating strategy Swap has announced a $100 cardinal Series C round, co-led by net concern steadfast DST Global and planetary concern steadfast Iconiq, which is doubling down connected its archetypal investment.

What started arsenic a returns instrumentality has softly grown into thing bigger. Swap moved into cross-border commerce past year, mounting up AI-powered infrastructure that lets agents grip transactions, recommendations and payments crossed planetary merchants.

Expanding its merchandise suite from returns to cross-border—and present to taxation and request planning—the latest concern volition bolster Swap’s ngo to “revolutionize” however commerce is globally bought, sold and exchanged. Furthermore, the superior volition alteration Swap to participate caller people geographies, arsenic bolstering its payments capabilities.

“We person built an existing fleet of products that alteration immoderate marque to standard globally,” said Sam Atkinson, laminitis and CEO of Swap. “Building upon this instauration of planetary commerce solutions, we volition proceed to assistance brands scope their afloat potential, leveling up connected the committedness to beryllium the go-to level for brands to merchantability anywhere, expect intent and person much business.”

To that end, Swap has partnered with Ayden, a fiscal exertion level and planetary outgo processor, to further its expertise wrong the payments space. With much information flowing done the system, brands tin marque sharper logistics decisions—from returns absorption to cross-border fulfillment—using real-time signals tied to shifting user behaviour and marketplace demand.

As Swap builds retired its planning, taxation and operations stack, brands get a much frictionless end-to-end commerce experience. Fresh superior volition money deeper investments successful integer payments and transaction monetization arsenic the institution positions itself astatine the halfway of commerce’s adjacent buying shift.

“We judge the squad has delivered exceptional merchandise velocity, strengthening their flagship planetary merchandise and expanding profoundly into tax, compliance, payments, request readying and different halfway layers of the commerce stack,” said Seth Pierrepont, wide spouse astatine Iconiq. “At the aforesaid time, they’ve built the method underpinnings for what comes next—Swap’s information layer, unified exemplary and heavy integrations crossed starring brands presumption them to alteration agentic commerce: A satellite wherever intelligent systems tin forecast demand, orchestrate decisions and enactment connected behalf of brands.”

The backing quality comes immoderate six months aft the company’s Series B round, which raised $40 million, led by Iconiq, to accelerate enlargement into the United States and the European Union, arsenic good arsenic into caller regions similar Australia and Canada. Swap besides shared plans to “enter underserved verticals” specified arsenic beauty, location goods and user technology.

“Returns person shifted from a outgo halfway to a strategical gross lever,” Pierrepont said. “As e-commerce penetration continues to accelerate crossed categories and crossed borders, the standard and complexity brands look has grown exponentially.”

Five years ago, fewer brands had the volume, geographic scope oregon lawsuit expectations that marque returns, cross-border complexity and post-purchase experiences truthful mission-critical today, per Pierrepont. It’s worthy mentioning that, portion Swap was initially anchored successful returns and reverse logistics—because that was the astir acute symptom point—the concern contiguous is acold broader. For Pierrepont, the existent tailwind is the “recognition that modern commerce needs a unified operating strategy to negociate complexity astatine scale—and Swap is gathering precisely that.”

A persistent misconception, per Pierrepont, is that returns are an isolated problem, viewed arsenic “something to code with constituent solutions oregon manual processes.” In reality, instrumentality challenges are often a grounds of fragmented systems crossed the full commerce lifecycle.

“Swap is moving to alteration that narrative,” Pierrepont said, noting that the level isn’t just returns; rather, it’s a “unified commerce OS that helps bring unneurotic data, workflows and quality crossed borders, channels and products,” helium continued. As the institution moves toward agentic commerce, Pierrepont believes that brands volition progressively spot however “a azygous strategy of grounds tin empower them to optimize not conscionable returns, but forecasting, conversion, profitability and lawsuit acquisition much holistically.”

“One of the biggest surprises for maine this twelvemonth was however rapidly the planetary commercialized scenery shifted,” Pierrepont said. “Tariff changes emerged astir overnight, creating contiguous operational and fiscal implications for brands astir the world. What stood retired to maine was however rapidly Swap responded. It reinforced a acquisition we believed aboriginal on: this is simply a squad that doesn’t conscionable physique software; they expect and accommodate to a dynamic planetary situation with singular speed.”

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