Finnish tech company Swappie faces uncertain future

He pointed out that high inflation, interest rates, and the waning popularity of online shopping are factors that make the consultative negotiations necessary for the future of the business.

According to Kauppalehti, the Swappie has more than 1,600 employees in the world, about 1,000 of whom are based in Finland. The company said 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 working capital as all the phones it buys for refurbishing and all spare parts needed for the refurbishments are incorporated into its balance sheet, as Swappie is active in 15 countries and has generated annual net sales of more than 100 million euros. Helsingin Sanomat said that 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 financing based on revenue growth, as investors are placing more and more emphasis on profitability.