Shopify competitor Swap raises $100M to streamline cross-border e-commerce

Swap has raised $100 million in a Series C round co-led by DST Global and ICONIQ, following a $40 million Series B led by ICONIQ just six months earlier. The funding reflects growing confidence in the company’s ambition to become a core operating system for global e-commerce.

The company addresses a costly and fragmented problem. Returns can consume up to 30% of online retail revenue, while cross-border duties, taxes, inventory swings, and disconnected software tools make international expansion difficult. Swap aims to replace this patchwork with a single platform that combines returns management, international shipping, AI-powered demand forecasting, tax and duty processing, and payments in one system.

Founded in 2021 by Sam AtkinsonDealroom has a profile for this one. Try Dealroom → and Zach BailetDealroom has a profile for this one. Try Dealroom → after their own e-commerce venture failed, Swap focuses on mid-sized brands generating $5 million to $100 million in annual sales. Its AI-driven platform can act as the importer of record, calculate duties upfront, automate tax refunds on returns, predict inventory needs, and integrate directly with Shopify, positioning itself as an “agentic commerce” operating system rather than a point solution.

With the new capital, Swap plans to expand beyond its core markets in the US, Europe, Australia, and Canada, targeting categories such as beauty, home goods, and consumer electronics. The company is betting that a unified, AI-native infrastructure can help brands scale globally without the operational complexity typically associated with cross-border e-commerce.

Sources:
TFN
TechCrunch

A.M.