Swap has secured $100 million in fresh Series C funding to double down on its vision of becoming the infrastructure layer for global commerce, just six months after closing a $40 million Series B. The new round positions the New York-based company as a key player in the race to build end-to-end, AI-driven tools that help brands sell, ship, and get paid anywhere in the world.
Swap’s $100 Million Series C
Commerce operating system Swap has raised $100 million Series C funding, co-led by DST Global and ICONIQ, with ICONIQ increasing its stake by “doubling down” on its original investment. The new capital will be used to scale Swap’s end-to-end commerce platform and reinforce its position as a leading global solutions provider for brands.
This latest round follows Swap’s $40 million Series B, completed just six months earlier, which focused on accelerating expansion across the U.S., EU, Australia, and Canada. The rapid fundraising cadence signals strong investor conviction in Swap’s business model and growth trajectory across new regions and verticals.
From returns to full-stack commerce OS
Originally known as a returns-focused platform, Swap has rapidly expanded its product suite to include cross-border logistics, tax, and demand planning, evolving into a full commerce operating system. Over the past year, the company has built AI-driven infrastructure that lets agentic tools transact, recommend products, and process payments for brands across multiple merchants globally.
The new funding will help Swap deepen this operating system approach so brands can manage everything from returns to cross-border fulfillment and tax compliance on a single stack. These capabilities are aimed at giving retailers real-time visibility across their operations so they can adapt quickly to changing market conditions and consumer behavior.
Payments, tax, and demand planning in focus
With this round, Swap plans to enhance its payment capabilities and further monetize transactions as part of what it calls a “purchasing revolution” within commerce. The company has partnered with Adyen to strengthen its expertise in digital payments and support seamless processing across markets.
Alongside payments, Swap is investing heavily in tax and demand planning tools so brands can make more informed logistics decisions using real-time insights. The goal is to help retailers maximize revenue opportunities while simplifying complex elements like cross-border tax and compliance.
CEO vision: sell anywhere and convert more
Founder and CEO Sam Atkinson said, “We have built an existing fleet of products that enable any brand to scale globally,” and will continue to help brands reach their full potential. He added that Swap aims to be “the go-to platform for brands to sell anywhere, anticipate intent, and convert more business,” capturing more value from every transaction.
As Swap enhances its operations, planning, and tax offerings, brands will gain access to a more seamless commerce experience across channels and regions. The platform’s focus on infrastructure over point solutions is designed to reduce friction for growing brands that need global reach without adding complexity.
ICONIQ doubles down on global commerce bet
General Partner Seth Pierrepont of ICONIQ sai,d “As a long-time partner of Swap, we believe in their mission to become the go-to resource for commerce globally.” He noted that brands now need sophisticated, end-to-end tools to optimize operations, and that Swap is “forging that path for brands of all sizes.”
The fresh investment from ICONIQ and DST Global aligns Swap with some of the most prominent names in tech and commerce, given the firms’ portfolios across leading platforms and infrastructure companies. It also reinforces the broader industry shift toward unified, data-led commerce stacks that can support growth from early scale-up through global expansion.
