Finnish tech firm Swappie is Europe’s fastest-growing company. According to a TradingPlatforms.com data analysis, the startup grew by a CAGR of 477% to top a 1000 strong field. The study considered companies with exceptionally robust sales growths.
Speaking on the results, TradingPlatforms’ Edith Reads said, “The world is embracing circular economy in light of its environmental advantages. That explains why startups like Swappie have made such robust growths in a relatively short while.
Lithuanian digital health solutions provider Kilo Health emerged second with a CAGR of 450%. And rounding up the top three was UK procurement firm OCI group, which had a CAGR of almost 410%.
Carving a niche for itself
Since 2016, Swappie has continued to carve itself a niche for refurbishing iPhones. Its founder Sami Marttinen says its 2020 sales were €98m ($107.648m), with 2021 sales doubling.
The firm serves 15 markets across the EU. It has recently received an injection of €108m (about $118.7m) from investors that it intends to use in expanding its production capacity.
Marttinnen explains that Swappie grew out of his frustration falling prey to an internet scam. He had bought a preowned phone from an online marketplace. Little did he know that the purchase would turn out to be a con job.
The police would later reveal to him how rampant such scams were. That revelation birthed the idea to sell genuine, high-quality remodeled phones hence Swappie.
Mainstreaming ownership of refurbished iPhones
The founder affirms that his firm draws motivation from the second-hand car market.
Its goal is to popularize the buying of used smartphones to the level of second-hand cars. Its mission is to mainstream the ownership of refurbished phones.
Changing public perceptions of the environment has also been a boon for the young company. The younger generation is increasingly adopting sustainable production, which is the essence of Swappie’s business venture.