Swappie

Swappie is a Finnish scale-up founded in 2016 in Helsinki by Sami Marttinen and Jiri Heinonen, with a deliberate vertical focus: reconditioning and reselling used iPhones across Europe. The choice to concentrate on a single brand — Apple — allowed Swappie to develop highly standardised quality control, diagnostics, and repair processes, reaching a level of operational efficiency difficult to replicate for those offering a generalist assortment of used smartphones. The model is vertically integrated: Swappie purchases iPhones directly from consumers and B2B channels, subjects them to a 52-point inspection and reconditioning process, re-certifies them with a 12-month warranty, and resells them online with delivery across Europe. The customer receives a fully functional iPhone at peak condition for significantly less than new. 2025 results confirm the model's maturity: €234 million in revenues, approximately 650,000 units sold, and — for the first time — EBITDA-level profitability with an operating profit of €2.5 million. A meaningful profitability milestone in a sector where many players remain loss-making. Swappie received a €17 million loan from the European Investment Bank in 2024 to invest in robotisation of the reconditioning process, with the goal of further increasing production capacity and reducing per-unit costs.