The new capital will support Swap’s differentiated, end-to-end commerce experience across its expanding product suite.

Swap, the commerce operating system, today announced a $100 million Series C co-led by DST Global and ICONIQ, which is doubling down on its initial investment. Having evolved from its early days as a returns-focused platform, Swap expanded into cross-border commerce last year, laying the foundation for AI-driven infrastructure that enables agents to transact, recommend, and process payments across merchants globally.

With this new funding, Swap will continue to strengthen its position as a leader in global commerce.

Expanding the Commerce Operating System

After rapidly expanding its product suite from returns to cross-border, and now into tax and demand planning, the latest investment will accelerate Swap’s mission to transform how commerce is bought, sold, and exchanged worldwide.

The capital will also support Swap’s expansion into new geographies and enhance its digital payments capabilities. As part of this strategy, Swap partnered with Adyen to deepen its expertise in the payments space.

Together, these enhanced offerings will allow brands to make smarter logistics and operational decisions—from returns to cross-border fulfillment—based on real-time insights. This approach is designed to maximize revenue opportunities while helping customers adapt to evolving market conditions and shifting consumer behavior.

“We have built an existing fleet of products that enable any brand to scale globally. Building upon this foundation of global commerce solutions, we will continue to help brands reach their full potential, leveling up on the promise to be the go-to platform for brands to sell anywhere, anticipate intent, and convert more business.”

Driving the Next Phase of Commerce Innovation

As Swap continues to enhance its operations, planning, and tax offerings, brands will benefit from a more seamless, unified commerce experience. The company also plans to invest further in digital payments and transaction monetization, positioning itself as a clear leader in the purchasing revolution reshaping global commerce.

This funding announcement follows Swap’s $40 million Series B round just six months ago, led by ICONIQ, which supported expansion into the U.S. and EU and the launch of new regions including Australia and Canada.

Looking ahead, Swap plans to enter underserved verticals such as beauty, home goods, and consumer technology. More information about Swap is available at www.swap-commerce.com .

“As a long-time partner of Swap, we believe in their mission to become the go-to resource for commerce globally. Our new investment doubles down on our belief that brands need sophisticated, end-to-end tools to optimize their operations. Swap is forging that path for brands of all sizes.”