Finnish tech start-up Swappie says high inflation, interest rates among startups

He said that the consultations necessary to secure the future of the business are due to high inflation, interest rates and the waning popularity of online shopping.

According to Kauppalehti, Swappie has about 1,600 employees worldwide, about 1,000 of whom are based in Finland. The company said just a few months ago that it intends to raise its headcount from around 1,200 to 2,200 by the end of the year.

The company is one of the fastest growing technology companies in Finland.

The business model requires a lot of capital and all the spare parts needed for the refurbishments to be incorporated into its balance sheet, because Swappie operates in 15 countries and has an annual net sales of more than 100 million euros. Helsingin Sanomat said the company has invested heavily in marketing and brand recognition.

In February, it revealed it had raised 108 million euros in funding to support its growth.

Recent media reports indicate that startups are finding it harder to secure funding based on revenue growth, as investors are placing more and more emphasis on profitability.