He pointed out the high inflation, interest rates, and the waning popularity of online shopping as factors that make the consultative negotiations necessary for the future of the business.
According to Kauppalehti, Swappie has approximately 1,600 employees worldwide, about 1,000 of whom are based in Finland. The company said only a few months ago that it intends to raise its headcount from around 1,200 to 2,200 by the end of the year.
One of the fastest growing technology companies in Finland is the company.
Swappie has generated net sales of more than 100 million euros in 15 countries, but its business model requires a lot of capital, as all the phones it buys for refurbishing and all the spare parts needed for the refurbishments are included in its balance sheet. 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 focus more on profitability.