Helsinki-based Swappie, renowned as Europe’s largest iPhone refurbisher, has secured a €17 million loan from the European Investment Bank (EIB). This five-year loan agreement is backed by the InvestEU programme, which aims to generate over €372 billion in additional investment from 2021 to 2027.
The InvestEU programme funds projects that support the EU’s green transition, enhance competitiveness and innovation, and develop sustainable infrastructure. EIB Vice-President Thomas Östros emphasized, “Swappie exemplifies how we can reduce waste and extend the lifespan of tech devices while making them more affordable. We are pleased to support Swappie in empowering consumers to make smart purchases, save money, and reduce their carbon footprint.”
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Utilization of Funds
The EIB’s investment will help Swappie enhance its research, development, and robotics capabilities to make iPhone repairs more efficient and reliable. This aligns with efforts to support recycling and reuse as part of a circular economy. The loan will also enable Swappie to improve its refurbishment processes, expand its product range, and grow its international presence.
Swappie’s CFO, Lauri Lipsanen, expressed gratitude for the EIB’s support, stating, “This €17 million loan marks a pivotal moment for Swappie as we advance our mission of sustainable technology consumption. The funding will bolster our R&D efforts, refine our refurbishment processes, and help reduce e-waste, contributing to a greener planet and a sustainable future.”
Making Refurbished Smartphones Mainstream
Founded in 2016 by Sami Marttinen and Jiri Heinonen, Swappie was born out of Marttinen’s frustrating experience of buying a second-hand iPhone online and not receiving the phone. This led to a focus on safety and reliability in the refurbished smartphone market. Swappie claims to refurbish iPhones to high standards using advanced technology, reducing environmental waste and providing customers with high-quality devices at lower prices.
Operating in countries like Finland, Sweden, Italy, and Germany, Swappie achieved €208 million in sales in 2022. The company has grown to over 800 employees and has raised €149 million from investors.
EIB and InvestEU Programme Overview
The European Investment Bank (EIB), the long-term lending arm of the EU, funds projects that align with EU policy goals to enhance competitiveness, innovation, sustainable development, social cohesion, and climate neutrality. In 2023, the EIB Group signed €88 billion in new financing for over 900 projects, supporting investments that promote climate change mitigation and a healthier environment.
The InvestEU programme leverages private and public funds to support a sustainable recovery, mobilizing investments for EU policy priorities like the European Green Deal and the digital transition. The programme includes the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal, backed by an EU budget guarantee of €26.2 billion to mobilize at least €372 billion in additional investment.
With this new funding, Swappie is well-positioned to continue its mission of making quality refurbished electronics accessible and affordable, contributing to environmental sustainability and reducing the carbon footprint of new smartphones.
