EfoilRiga brings crypto payments to European water sports with Swapin
Marcis Seners, CEO and founder of Efoilriga launched the company in 2023 and not only became the leader in Latvia’s water sports scene, but took it a notch higher by incorporating crypto payment options.
In this interview, Marcis discusses how the “rent before you buy” model became a quick success; how accepting crypto payments was part of their brand ethos; and why the partnership with Swapin was crucial in making crypto payments as simple as a regular checkout.
Behind the brand: Efoilriga
Q: Marcis, you founded EfoilRiga in 2023 and quickly became a leader in Latvia’s water entertainment scene. Tell us more about your passion for the sport and how that evolved into a business?
Marcis: My passion began with windfoiling, but I was looking for a new challenge. When I discovered e-foiling, I was captivated by the unique feeling of flying over water. I saw a clear business opportunity as it was a completely new niche in Latvia. My motivation was to share that incredible experience and build a community around a sport that I believe is the future of water entertainment.
Q: E-foil is still a relatively new sport in Latvia. How have you seen awareness and interest grow since you started?
Marcis: The growth has been remarkable. Initially, many of our customers came to us out of curiosity, often because they had seen our advertisements repeatedly and decided they had to try it. Now, we’re seeing a more informed customer base. People are coming to us having already seen e-foiling on social media or heard about it from friends. The conversation has shifted from “What is an e-foil?” to “Which e-foil model is right for me?
Q: As the official Waydoo distributor in Latvia, what does this partnership mean for your customers and your growth plans?
Marcis: Being the official Waydoo distributor is a cornerstone of our business. For our customers, it guarantees access to the latest models, a reliable supply of spare parts, and professional local servicing. It provides confidence that they are buying an authentic product with full support. For our growth, it solidifies our position as the trusted expert in the market. This allows us to build a full ecosystem around the sport, which is critical for long-term success.
Product deep dive: What makes e-foil stand out to clients?
Q: The “rent before you buy” approach is interesting for high-tech sports gear. How does this model help customers get into e-foil with confidence?
Marcis: An e-foil is a significant investment, so our “rent before you buy” model is designed to remove financial risk and build customer confidence. It allows people to have a full, hands-on experience to understand if the sport truly resonates with them. The rental essentially serves as a product demonstration.
In fact, we’ve found it to be our most effective sales tool. A significant portion of our board sales, including one recent online purchase from a customer who rented from us two years ago, come from people who tried it first.
Q: What should beginners expect for their very first e-foil ride?
Marcis: Beginners should expect a thorough and safe introduction to an unforgettable experience. We always start with a comprehensive safety briefing on land. In the water, the first step is to get comfortable with the board and throttle control while lying down, then progressing to your knees. The ultimate goal is to stand up and experience that incredible moment when the board lifts and you’re silently gliding, or “flying,” over the water. It’s a unique blend of excitement and freedom.
Q: Considering you sell accessories, spare parts, and even communication equipment for safer rides, how important is it for you to offer a full ecosystem rather than just the boards?
Marcis: Offering a full ecosystem is essential to our long-term vision. We are not just selling a product; we are introducing people to a new hobby and lifestyle. A board owner will inevitably need service, accessories, or spare parts. By providing everything they need, we become their long-term, trusted partner in the sport. This builds customer loyalty and creates a sustainable business model that goes far beyond the initial sale.
Making bold moves: Crypto payments for quick checkouts
Q: As one of the first Latvian water sports companies to accept cryptocurrency, what motivated you to make the move?
Marcis: E-foiling is an innovative, high-tech sport, and we wanted our business practices to reflect that. We recognize that a growing number of our potential customers are tech-savvy and comfortable using digital assets. Accepting crypto aligns our brand with modern technology, caters to this forward-thinking audience, and provides an additional layer of convenience.
Q: What made Swapin the right crypto payments partner for you?
Marcis: The key for us was simplicity and risk elimination. The platform was easy to integrate into our online store. Swapin instantly converts any crypto payment into Euros and deposits it directly into our company bank account. This removes all the complexity and volatility risk associated with holding crypto, allowing us to cater to crypto users while managing our finances in a traditional, stable way.
Q: How has the customer response been since you introduced crypto payments, and how did Swapin make it seamless?
Marcis: The response from customers who use crypto has been very positive; they appreciate the flexibility. Swapin’s role is to make the entire process invisible and seamless. For the customer, it’s a simple checkout option. For us, an order appears and the payment arrives in Euros. There’s no extra administrative work, which is exactly what a business needs.
Q: What advice would you give to other leisure and sports businesses considering crypto payments but unsure how to start?
Marcis: First, understand your audience. If you cater to a modern, tech-focused clientele, it’s a logical step. Second, don’t be intimidated by technology. Choose a payment partner like Swapin that handles the conversion and removes the volatility risk. This way, you can offer the convenience of crypto payments to your customers without having to become a crypto market expert yourself.
Next in line for Efoilriga
Q: Efoil is all about freedom and innovation. Where do you see EfoilRiga in the next 3-5 years?
Marcis: In the next 3-5 years, I see EfoilRiga as the undisputed hub for the e-foil community in the Baltics. We aim to be more than just a shop; we want to be an institution known for organizing the region’s premier e-foil festival, offering advanced training, and providing the most reliable service center. Our vision is to build a brand and community so strong that we remain the trusted, go-to experts, even as new competitors enter the market.
Q: Are there any new products, experiences, or technologies you’re excited to introduce to the Latvian water sports market?
Marcis: Absolutely. The electric watercraft industry is evolving rapidly, and we’re always watching for the next innovation, such as electric jet skis and other sustainable watercraft. In the more immediate future, we are excited to expand our community-focused events. We plan to introduce more structured advanced-riding clinics and launch guided e-foil tours, allowing people to experience Latvia’s beautiful rivers and coastlines in a completely new way.
A word from Swapin CEO & Founder
Evald-Hannes Kree, CEO of Swapin, shared his thoughts on the partnership with Efoilriga
When companies like Efoilriga step up and make decisive moves, it signals that crypto payments are no longer fringe options. It was genuinely fascinating for us that Marcis himself understands the potential crypto holds in today’s market. We were on the same page from the beginning of this partnership and it’s only the start of a long-term collaboration.
Businesses contemplating whether or not to switch to crypto, I would urge them to look at their competition, market, and more importantly their clients. The regulations are changing, tech is advancing, and people are more digitally aware than ever before. There cannot be a better time than now to start accepting crypto payments.
Crypto payment solution that takes minutes to launch
Swapin’s crypto payment links solution allows businesses to settle payments in real-time, establishing trust and convenience for a luxurious experience. Businesses can now accept crypto payments from clients and receive direct EUR payouts to their bank account – no wallets, no complex integration, no volatility.
Curious about how your business can access a global client base?
Chat with our team or book a demo here to explore the possibilities.
