Swap has raised $100 million in Series C funding as it accelerates expansion across the United States and broadens its end-to-end commerce platform.

The round was co-led by DST Global and ICONIQ, with ICONIQ increasing its investment, the company said Jan. 6. The funding comes about six months after Swap raised $40 million in a Series B round focused on expanding operations in the U.S. and Europe.

Swap is a commerce technology company that started as a returns-management provider. Founded in 2022, Swap has expanded rapidly beyond its original focus on returns, adding cross-border commerce tools last year and more recently introducing tax and demand-planning capabilities.

How Swap will use its Series C funding on expansion

The company said it will use the new capital primarily to scale its U.S. business, deepen product development and support brands operating across domestic and international markets.

Swap is positioning itself as a commerce operating system. It offers software that helps brands manage returns, cross-border logistics, tax compliance, demand planning and payments from a single platform. The company said it is building artificial intelligence (AI)-driven infrastructure to automate transactions, recommendations and payment processing across merchants.

As part of its expansion strategy, Swap said it will invest in U.S.-based sales, customer support and engineering teams while targeting additional verticals, including beauty, home goods and consumer technology. It also plans to continue expanding into new geographies, following earlier moves into Europe, Canada and Australia.

The Series C funding will also support growth in payments. Swap said it has partnered with Adyen to strengthen its payments capabilities as it seeks to monetize transactions and provide brands with more integrated purchasing and checkout tools.

The latest round underscores continued investor interest in commerce infrastructure platforms that address rising complexity for brands selling across channels and borders, particularly in the U.S., where returns costs, cross-border fulfillment and tax compliance remain persistent challenges.

Swap is headquartered in New York and was founded by Sam Atkinson and Zach Bailet. The company did not disclose its valuation or provide specific hiring targets tied to the funding round.

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