Apr 2023 investor report

This was a very special month for Swapin team, we are so proud to be chosen as a finalist in the MasterCard Lighthouse FINITIV 2023 Spring Program. The program brings startups, banks, investors and advisors together to scale innovative ideas, and MasterCard handpicked Swapin and 14 other outstanding fintech startups from Nordics and Baltics to participate in it. For us, this means intros and pitch sessions with some of the most influential industry players, including MasterCard, SwedBank, SEB, AWS, and Fintech Mundi. An exciting month for a crypto-to-fiat startup! 

Key Numbers

In April 2023, Swapin experienced growth in the following areas compared to the previous month, March 2023:

  • Overall transaction volume increased by 30%.
  • 34% growth in Swapin.com visitors.
  • 2% increase in monthly active customers that made transactions.

The overall number of transactions and the count of KYCd/KYBd customers decreased compared to March. However, this decline was offset by the transaction volume generated by returning customers. Acquiring new customers for an off-ramp solution in the current market situation has proven to be quite challenging. Nevertheless, the consistent behavior of returning customers demonstrates the persistent demand for a reliable crypto-to-fiat payment solution.

Product Development

Here is the main focus of the product development team in April 2023:

  • Implementation of HawkAI as a provider for transaction monitoring, screening, and customer risk rating.
  • Exploration, preparation, and validation of new product ideas related to the API widget product, which will be the team’s next major focus. The initial drafts and prototypes have been completed, and we are now planning the development phase for the upcoming months.
  • Update of SwapinGet GBP with improved validation.
  • Implementation of instant SEPA and regular SEPA validation and messaging.


This month, the Marketing Team focused on the following initiatives:

  • Optimizing Meta Ads by incorporating retargeting strategies and testing new geos.
  • Conducting experiments with Programmatic Ads.
  • Covering Swapin’s participation in the MasterCard Lighthouse FINITIV program on social media and the Swapin blog.
  • Preparing marketing materials for the Swapin booth at the NFT Tallinn event.
  • Creating a new version of the Swain Sales Presentation.
  • As a fun fact, we now have Telegram stickers available.

Business Development & Sales

In April 2023, the Swapin Sales Team was focused on the following:

  • Onboarding and providing support to new B2B clients acquired from leads and organically.
  • Attending ECOM21 in Riga to explore new partnership opportunities and generate leads.
  • Gathering data for case studies with key partners.
  • Launching the Gymstreet Metaverse x Swapin collaboration and announcing it on both platforms.
  • Participating as a speaker in the Gymstreet Metaverse Webinar.
  • Joining the Crypto Valley Association and announcing the partnership with Swapin.

Swapin is excited to be part of the MasterCard Lighthouse FINITIV 2023 Spring Program. This opportunity, along with our other product, marketing, and sales initiatives, enables us to build connections and create new products in partnership with the traditional financial system, bringing us closer to our mission of making crypto as accessible as any other currency.

Mar 2023 investor report

This month’s focus was on merchants. Swapin successfully relaunched SwapinCollect, our integration-free product designed for merchants who wish to accept cryptocurrency while receiving fiat directly into their bank accounts. The product was initially introduced in the summer of 2022, and we have now integrated it into the Swapin App, allowing merchants to effortlessly set up payment links on their own. Moreover, we have introduced a transaction history dashboard, enabling your accountants to easily track all activities.

Key Numbers

In March 2023, Swapin witnessed growth in the following areas compared to the previous month, February 2023:

  • Overall amount of transactions increased by 20%.
  • Overall transaction volume increased by 11%.
  • Business customers completing their KYB verification saw a significant increase of 57%.

However, we observed a slight decrease in Swapin.com visitors, which consequently affected the number of customers completing their KYC verification and the count of monthly active customers conducting transactions in March. This decline can be attributed to our experimentation with different budgets and target audiences on Meta Ads, as well as testing new geographic locations for targeting.

Product Development

In March, our product development efforts focused on the relaunch of SwapinCollect. Here are the key developments:

  • New SwapinCollect Product Page: We launched a dedicated product page within our web app, offering detailed information about SwapinCollect and its functionalities.
  • Seamless Payment Link Requests: business customers can now request the SwapinCollect payment link directly from the Swapin App. A payment link will be generated automatically.
  • Enhanced Back Office Automation: We have implemented a partially automated flow to manage SwapinCollect requests on the back office side.


The main focus for marketing activities in March was on SwapinCollect relaunch. For this launch we prepared and pushed live dedicated marketing materials: 

Other marketing initiatives in March included Meta Ads running, targeting both B2C and B2B customers and testing new geos.

Business Development & Sales

The Swapin Sales Team had a primary focus on the relaunch of SwapinCollect this month. In addition, we pursued various other initiatives, such as:

  • Preparing and implementing a go-to-market plan for SwapinCollect.
  • Collaborating with the Metaverse and iGaming B2B verticals.
  • Cultivating new connections and leads acquired from the London Blockchain Economy Summit.
  • Providing support to B2B customers throughout their onboarding process and implementing enhancements to the KYB procedures.
  • Developing a comprehensive sales plan for the second quarter.
  • Participating in the Binance Tallinn Meetup, engaging in discussions with potential customers and partners.

Apart from the SwapinCollect relaunch, we have some significant news to share. Swapin has been selected as one of the 22 finalists in the Mastercard Lighthouse FINITIV program! Stay tuned for more exciting updates in April.

Feb 2023 investor report

This month, the Swapin team focused on launching the new KYC flow. With the improved flow, customers can now complete their Starter verification level and start making their first transaction in just 2 minutes after signing in. This is a significant step in building a better onboarding experience and bridging the gap between registration and taking initial actions on the platform.

Additionally, a very significant milestone for Swapin was the renewal of our VASP license. According to the Estonian regulator, Swapin (Ungaro OÜ) was among only three other service providers that obtained this type of license in February 2023. There are currently only 112 active licenses for providing virtual asset services in Estonia, and we are proud to be among other fintech companies that meet all the requirements.

Key Numbers

In February 2023, Swapin experienced growth in the following areas compared to the previous month, January 2023:

  • 10% increase in monthly active customers conducting transactions.
  • 22% increase in customers who completed their KYC verification.
  • 21% growth in visitors to swapin.com.

We also observed a decrease in business customers who completed their KYB verification. This was due to the overall complicated situation in the crypto market, as companies holding crypto tend to avoid off-ramping it with the current exchange rates. However, our existing Swapin business customers continue to make crypto-to-fiat transactions for their monthly expenses, such as salary payments.

Product Development

In February, we focused on launching the updated KYC flow for individual customers. With the updated KYC, customer accounts from the EEA countries can now be verified automatically, and it takes only a couple of minutes to get the account ready for making transactions.

The product team also introduced three new verification levels for individual customers: Starter, Basic, and Full. Additionally, the SwapinPay form was updated to differentiate payments to oneself and other bank accounts.


This month, the Swapin marketing team supported the launch of the updated KYC process for individual customers with a Facebook Ads campaign and an email marketing campaign. The new verification levels landing page was also pushed live.

On the business customer side, we launched several campaigns to support the Swapin Sales Team, including:

  • LinkedIn Lead Magnet campaign.
  • Launch of swapinguides.com for lead generation.
  • Creation of one-pagers for the main Swapin products.

Business Development & Sales

The Swapin Sales Team focused on the main business development initiatives, including:

  • Attending the London Blockchain Summit Event.
  • Conducting cold email outreach to iGaming companies.
  • Reaching out to potential business customers in the Metaverse platforms.
  • Preparing a list of potential customers for the SwapinCollect relaunch.

Overall, in February, we witnessed significant potential for changing the behavior of individual customers on the platform by providing them with a new KYC experience. On the B2B side, Swapin is getting ready for the upcoming SwapinCollect relaunch in March.

Jan 2023 investor report

Swapin is a fintech startup that bridges the gap between crypto and fiat through ultra-fast transactions. Our mission is to continuously build a robust infrastructure that transforms how businesses and individuals can spend their virtual currencies. This month, the Swapin team was focused on preparing a simplified KYC flow, establishing a new marketing track, and building a sales funnel.

Key Numbers

In January 2023, Swapin experienced growth in the following areas compared to the previous month, December 2022:

  • 8% increase in monthly active customers that made transactions.
  • 54% increase in customers who completed their KYC verification.
  • 10% increase in business customers who completed their KYB verification.
  • 22% growth in Swapin.com visitors

Product Development

In January, we focused on preparing for the updated KYC launch, which will make a significant difference in the client onboarding process. With the updated KYC, customer accounts from the EEA countries can be verified automatically, and it takes only a few minutes to get the account ready to start making transactions. The renewed KYC also comes with a new design, updated email flow, and an overall improved user experience. In addition to the KYC update, our product and development team made several other updates to the product, including:

  • GBP payment form update: added account number and sort code fields to the form, allowing us to process both Faster Payments and CHAPS payments.
  • Product name-changing update in the web app.
  • Smaller updates and bug fixes:  file upload system improvement, IBAN validation, UBO validation in business onboarding, and much more.


Swapin welcomed its new Chief Marketing Officer (CMO), Alexandra Lartey. With over 20 years of experience working for companies such as Opera Software and Vodafone Ukraine, Alexandra joined Swapin as a product marketing manager and has since been promoted to CMO. After onboarding the new CMO, we began setting up a new marketing track. We chose two key partners, Compresso and Lunar Web3 marketing agencies, to support Swapin’s marketing activities.

This month, we launched the following marketing initiatives:

  • Product renaming: we pushed umbrella messaging for all Swapin products, including SwapinGet, SwapinPay, and SwapinCollect.
  • Swapin Ads campaign is live on Facebook.
  • Swapin social media posting has been relaunched.
  • Sales materials: we updated the affiliate program pitch and started working on sales materials for other Swapin products.
  • Swapin landing pages: we improved the copy and relaunched the Fees and Conditions page.

Business Development & Sales

In January, the Business Development team worked closely with the newly appointed CMO to set up the cooperation between the teams and the selected agencies. Throughout the month, business development worked on the following initiatives:

  • EAS funding project discussions and preparation with the CEO and finance team.
  • Calls/meetings with Swapin B2B key accounts to learn more about their customer-specific requirements and the current level of satisfaction with Swapin core products.
  • Evaluated and onboarded sales tools for Swapin B2B sales.
  • Established automated email flows for B2B inbound leads (recently signed up leads).
  • Meetings and discussions with the marketing agencies to support Swapin B2B sales.
  • Calls with potential leads, affiliate partners, and vendors.
  • 7 clients relaunched on SwapinCollect product.
  • Conducting research and preparing for an iGaming vertical campaign.

Swapin continues to work on growing our customer base and improving their experience with our product. In February 2023, we plan to launch a new KYC flow and renew our VASP license. These steps will ensure that Swapin customers have access to simple, regulated, and secure tools for their crypto-to-fiat journey.