Commerce operating system Swap has announced a $100 million Series C round, co-led by internet investment firm DST Global and global investment firm Iconiq, which is doubling down on its initial investment.
What started as a returns tool has quietly grown into something bigger. Swap moved into cross-border commerce last year, setting up AI-powered infrastructure that lets agents handle transactions, recommendations and payments across global merchants.
Expanding its product suite from returns to cross-border—and now to tax and demand planning—the latest investment will bolster Swap’s mission to “revolutionize” how commerce is globally bought, sold and exchanged. Furthermore, the capital will enable Swap to enter new target geographies, equally bolstering its payments capabilities.
“We have built an existing fleet of products that enable any brand to scale globally,” said 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.”
To that end, Swap has partnered with Ayden, a financial technology platform and global payment processor, to further its expertise within the payments space. With more data flowing through the system, brands can make sharper logistics decisions—from returns management to cross-border fulfillment—using real-time signals tied to shifting consumer behavior and market demand.
As Swap builds out its planning, tax and operations stack, brands get a more frictionless end-to-end commerce experience. Fresh capital will fund deeper investments in digital payments and transaction monetization as the company positions itself at the center of commerce’s next buying shift.
“We believe the team has delivered exceptional product velocity, strengthening their flagship global product and expanding deeply into tax, compliance, payments, demand planning and other core layers of the commerce stack,” said Seth Pierrepont, general partner at Iconiq. “At the same time, they’ve built the technical underpinnings for what comes next—Swap’s data layer, unified model and deep integrations across leading brands position them to enable agentic commerce: A world where intelligent systems can forecast demand, orchestrate decisions and act on behalf of brands.”
The funding news comes some six months after the company’s Series B round, which raised $40 million, led by Iconiq, to accelerate expansion into the United States and the European Union, as well as into new regions like Australia and Canada. Swap also shared plans to “enter underserved verticals” such as beauty, home goods and consumer technology.
“Returns have shifted from a cost center to a strategic revenue lever,” Pierrepont said. “As e-commerce penetration continues to accelerate across categories and across borders, the scale and complexity brands face has grown exponentially.”
Five years ago, few brands had the volume, geographic reach or customer expectations that make returns, cross-border complexity and post-purchase experiences so mission-critical today, per Pierrepont. It’s worth mentioning that, while Swap was initially anchored in returns and reverse logistics—because that was the most acute pain point—the business today is far broader. For Pierrepont, the real tailwind is the “recognition that modern commerce needs a unified operating system to manage complexity at scale—and Swap is building exactly that.”
A persistent misconception, per Pierrepont, is that returns are an isolated problem, viewed as “something to address with point solutions or manual processes.” In reality, return challenges are often a symptom of fragmented systems across the entire commerce lifecycle.
“Swap is working to change that narrative,” Pierrepont said, noting that the platform isn’t just returns; rather, it’s a “unified commerce OS that helps bring together data, workflows and intelligence across borders, channels and products,” he continued. As the company moves toward agentic commerce, Pierrepont believes that brands will increasingly see how “a single system of record can empower them to optimize not just returns, but forecasting, conversion, profitability and customer experience more holistically.”
“One of the biggest surprises for me this year was how quickly the global trade landscape shifted,” Pierrepont said. “Tariff changes emerged almost overnight, creating immediate operational and financial implications for brands around the world. What stood out to me was how quickly Swap responded. It reinforced a lesson we believed early on: this is a team that doesn’t just build software; they anticipate and adapt to a dynamic global environment with remarkable speed.”
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