October 2023 Investors Report

This October 2023, Swapin has seen substantial growth in on-ramp transactions following the release of our new SwapinBuy feature last month. We have also been focused on enhancing the SwapinWidget customer experience and advancing the development of the Swapin Partners API.

Key Numbers

We’re excited to share significant growth in the following areas this month:

  • Transaction volume increased by 59%.
  • The number of transactions rose by 27%.
  • The average transaction volume per customer surged by 61%.

This impressive growth is primarily due to our newly launched SwapinBuy feature, which allows customers to effortlessly purchase crypto using payments made directly from their names via Dedicated IBANs.

Product Development

Our product team dedicated their efforts in October to:

  • Refining the SwapinBuy experience within Swapin Web App, alongside improvements to liquidity management and transaction monitoring.
  • Advancing to phase II of the SwapinWidget. We’ve now added the ‘Buy crypto with SEPA’ functionality to the widget and are wrapping up the integration process.
  • Incorporating SwapinBuy endpoints into our API documentation and moving forward with the first custom integration project.


The marketing team had a bustling month:

  • Launching paid advertising campaigns and PR activities for SwapinBuy and our Dedicated IBANs feature. We’re proud to have been featured on Yahoo Finance and Benzinga.
  • Updating the swapin.com website with new product pages and enhancing the Swapin Partners API documentation.
  • Crafting new How-To videos for our customers, which have been integrated into the product suite.
  • Augmenting the SwapinHelp center with new articles and video content.

Business Development & Sales

Our sales force has been actively:

  • Developing a sales strategy and process tailored for the SwapinWidget and API.
  • Collaborating with the Swapin Marketing team to create sales materials and content plans that meet the needs of prospects interested in the Swapin Widget and API.
  • Building a robust sales pipeline.
  • Streamlining and automating the sales process.

As we close October, Swapin team has observed promising growth in transaction volumes among current Swapin App users. We are now laying a solid foundation to reach an ambitious target set for the SwapinWidget and API integrations by the end of the year.

September 2023 investor report

September brought some exciting developments to Swapin. We launched the SwapinBuy product, allowing our customers from the EEA, UK, and Switzerland to buy crypto with ease using their Dedicated IBANs. We also welcomed Dmitrij Pustovalov as our new Head of Sales and hosted the Web3 Chamber event at our office.

Key Numbers

  • Our monthly active customers increased by 2% in September.
  • Transaction volumes and numbers remained steady.
  • We saw a 4% growth in monthly active returning customers, showing loyalty to Swapin.

Product Development

In September, our product team focused on:

  • Launching SwapinBuy, including app updates, backend work, testing, and the official launch.
  • Improving the Swapin Partners API based on partner feedback and enhancing documentation.
  • Adding a buy crypto function to SwapinWidget.


Our marketing team was busy with:

  • Preparing for SwapinBuy’s launch by updating landing pages, terms, fees, verification levels, and the Swapin App.
  • Running reactivation campaigns for our customers, including a €50 bonus offer, verification upgrades, and SwapinBuy announcements.
  • Using paid ads, including Meta Ads, to highlight Dedicated IBANs and SwapinBuy.
  • Hosting the Swapin x Web3 Chamber event.

Business Development & Sales

Our sales team had some significant changes:

  • We brought Dmitrij Pustovalov on board as the new Head of Sales, with B2B integration experience from Mercuryo.io.
  • We developed a new sales and business development strategy for Q4 2023.
  • We continued to support our existing business customers.

Looking ahead, we remain committed to improving the infrastructure for Web3 payments. This includes making it easier to buy, sell, and transact with crypto, as well as supporting Widget and custom API integrations. In October, we’ll focus on finding partners to integrate Swapin solutions into various Web3 projects.

August 2023 investor report

In August, Swapin team continued to redefine the standards of crypto-to-fiat transactions by offering payments in customers’ names for businesses. The Swapin Dedicated IBANs feature is now available for both our individual and business customers in the European Economic Area (EEA), as well as Switzerland. This update streamlines crypto-to-bank transactions, offering customers crypto-friendly payments raising less red flags from banks. Another significant initiative for Swapin team is preparing for the launch of the SwapinBuy feature, which will enable both individuals and businesses to purchase crypto from their SEPA bank accounts within minutes.

Key Numbers

The following key numbers showed growth in August compared to July:

  • Overall transaction volume increased by 15%.
  • Monthly active customers conducting transactions grew by 33%.
  • KYC-verified customer numbers grew by 8%.

However, we observed a decrease in the average transaction volume compared to July. This suggests that many customers are testing the product, particularly the Dedicated IBANs feature, but are not yet engaging in large-volume transactions. We anticipate that the upcoming launch of the SwapinBuy on-ramp solution will address this trend.

Product Development

The primary focus of our development efforts in August included:

  • Continuing development of SwapinBuy, with both backend and frontend tasks nearing completion.
  • Addressing legal and compliance requirements for SwapinBuy, including updating Terms & Conditions, fees, verification levels, and other processes.
  • Progressing on the Swapin Partners API, including documentation and API development based on partner feedback.


In August, Swapin marketing team concentrated on:

  • Extensive copywriting for the Swapin blog and complementing new content pieces with email campaigns.
  • Launching reactivation campaigns for current Swapin customers, along with a new bonus logic for these campaigns.
  • Preparing for the Web3 Chamber event to be hosted at the Swapin office in September.
  • Creating all marketing materials for the upcoming SwapinBuy launch.

Business Development & Sales

Our Business Development & Sales activities included the following:

  • Ongoing preparations for SwapinWidget integration and collaboration with current and potential partners to ensure readiness for implementation.
  • Offering a white list for the SwapinBuy feature to our existing business customers who have been eagerly awaiting this opportunity.
  • Cooperating with potential partners interested in utilizing the Swapin API for both off-ramp and on-ramp solutions for their projects.
  • Welcoming a new Head of Business Development and Sales to the team.

Throughout the summer months, Swapin team has been diligently preparing for significant product and partnership updates. We anticipate significant changes to come with the SwapinBuy launch in September. Furthermore, we are proud to host the Web3 Chamber event at the Swapin office, where we will engage in discussions about the future of Web3 payments with key Estonian Web3 companies.

July 2023 investor report

In July we pushed a game-changing update to Swapin’s solutions that will simplify your crypto-to-fiat payments experience. In partnership with Fiat Republic, we are now issuing Dedicated IBANs to individuals who are EEA residents and have Basic or Full verification level, allowing for seamless cryptocurrency withdrawals and payments directly to any bank account. Other main activities in July included experimenting with influencers and onboarding and developing business customers.

Key Numbers

In July, we witnessed growth in the following key metrics:

  • Transaction volume surged by 33%.
  • Transaction count increased by 9%.
  • Swapin.com experienced a notable 13% rise in visitors.

Overall, the off-ramp market situation continues to experience fluctuations. Therefore, we remain dedicated to not only optimizing off-ramp solutions but also focusing on building a robust on-ramp solution to navigate the evolving landscape.

Product Development

In July, Swapin Product team focused on the following:

  • Dedicated IBANs for Individuals. The feature is tested and pushed live for individuals from EEA countries only. 
  • SwapinWidget Demo Release. We introduced a demo version of the SwapinWidget, allowing potential partners to preview and experience its functionalities before full implementation. 
  • SwapinWidget API Documentation. Our team completed creating the first version of API documentation for the SwapinWidget. 
  • SwapinBuy Development. We continued to develop the SwapinBuy feature, which enables users to purchase cryptocurrencies.


In July, Swapin Marketing team achieved the following milestones:

  • Executed a promotional campaign with 10 prominent YouTube and Twitter crypto influencers.
  • Orchestrated the launch of Dedicated IBANs, accompanied by comprehensive updates to Swapin’s Web and App interfaces, informative help articles, engaging social media content, and targeted paid advertising campaigns.
  • Explored the potential of Brave Ads as a new marketing channel through rigorous testing.
  • Maintained ongoing marketing campaigns on Reddit and Facebook, ensuring sustained engagement and brand visibility.

Business Development & Sales

During July, our Business Development & Sales efforts encompassed the following activities:

  • Preparing for SwapinWidget integration and collaborating closely with partners to ensure seamless implementation.
  • Executing outbound sales campaigns to reach potential clients and expand our market presence.
  • Collaborating on a new case study featuring a business customer, highlighting the value and benefits of our services.
  • Successfully onboarding new business customers and guiding them toward becoming active participants in our payment ecosystem.

In summary, July saw a big step with Dedicated IBANs for individuals. Looking ahead to August, we’re excited to bring this feature to businesses and expand support to new countries. This ongoing progress reflects our commitment to improving crypto-to-bank payments, making them smoother and friendlier for crypto users.

June 2023 investor report

In June, Swapin team focused on preparing for a big launch: the Dedicated IBANs feature, planned for July. Additionally, our activities included experimenting with new marketing channels, working on API development, analyzing past activities, and developing a sales and marketing growth plan for Q3.

Key Numbers

Here are the key growth numbers for June:

  • Monthly active first-time users increased by 7%.
  • Monthly active returning users grew by 8%.
  • Swapin.com welcomed a 9% increase in new visitors.

However, the overall transaction volume and number of transactions decreased in June compared to May. This was due to the market situation, with customers waiting for better exchange rates to spend their crypto.

Product Development

In June, Swapin Product team focused on the following:

  • Swapin API and Swapin Off-Ramp Widget development, including the creation of documentation.
  • Supporting Wallet Connect 2.0 and facilitating a seamless transition from the previous version.
  • Testing Dedicated IBANs for individuals and preparing for the big launch in July.


During June, the Marketing team accomplished the following developments:

  • Onboarded a new Digital Marketer, Mia Belle Trisna. She is responsible for social media, communities, and content marketing.
  • Continue ongoing campaigns on Meta and Reddit.
  • Tested new promo channels, including influencers and Brave Ads.
  • Our content creation efforts expanded with blog posts and email marketing.
  • Launched a new design for swapin.com.

Business Development & Sales

In June, our focus in Business Development & Sales included the following:

  • Piloted a new B2B onboarding flow to better qualify leads and improve onboarding time.
  • Announced a partnership with JHELY.
  • Created a sales strategy for SwapinCollect.
  • Conducted lead generation efforts for SwapinCollect.
  • Released SwapinCollect one-pager 2.0.
  • Conducted a customer research project for individual users.
  • Managed existing B2B customers and provided support to their accounts.
  • Worked closely with pilot customers for SwapinWidget and SwapinAPI to define the best framework.

In conclusion, June was a month of notable progress and preparations across various areas of Swapin’s operations. The upcoming launch of the Dedicated IBANs feature in July holds great potential for further growth and success in the coming months.

May 2023 investor report

May was an outstanding month for Swapin. The MasterCard Lighthouse FINITIV Spring 2023 class is over now, and Swapin won the People’s Choice Award from MasterCard! What a significant recognition for a crypto-based startup and also the first Estonian company to win that award. Also, key numbers like transaction volume and number of transactions were growing in May, indicating the market’s recovery from a crypto winter. This shows that Swapin’s sales and marketing team are putting in the right efforts to acquire new customers and activate the current customer base.

Key Numbers

In May 2023, several numbers reached an all-time high since the beginning of the year:

  • Overall transaction volume increased by 45%.
  • The number of transactions increased by 22%.
  • The average volume per monthly active user also increased by 26%.

Other key numbers, such as first-time and returning monthly active customers made transactions, as well as the number of KYC’d customers, have been growing as well.

Product Development

In May, the Swapin Product team focused on the following:

  • Developing the SwapinWidget, targeting a release by the end of Q2 or beginning of Q3.
  • Preparing the core functionality for the next phase of SwapinBuy backend development, with front-end development planned for Q3.
  • Enhancing the user experience by adding email confirmation via a pin code for account creation.
  • Updating the Swapin.com landing page.


During this month, our marketing team has been focusing on several promo channels, including:

  • Continuing the successful Facebook Ads campaign to attract new and retain current customers.
  • Verifying Swapin on Reddit and initiating advertising campaigns there.
  • Celebrating Swapin’s win for the People’s Choice award from MasterCard through PR coverage, social media engagement, blog posts, and email blasts.
  • Engaging in a blog post exchange with CryptoYou.io to provide exciting offers to communities from both products.

Attending the Latitude59 event to showcase Swapin’s presence and participating in MasterCard Lighthouse FINITIV pitches and events.

Business Development & Sales

In May 2023, our sales team focused on the following:

  • Onboarding and providing support to new B2B clients acquired from leads and organically.
  • Attending NFT Tallinn to explore new partnership opportunities and generate leads.
  • Attending Next Block Expo Warsaw to explore new partnership opportunities and generate leads.
  • Onboarding a new business development manager for SwapinCollect product to grow crypto acceptance among traditional merchant segments.
  • Engaging in pre-sales discussions with the first SwapinWidget product pilot merchants.
  • Preparing sales materials for SwapinWidget.
  • Cooperating with the marketing team on creating a partners marketing kit for SwapinCollect merchants.
  • Onboarding new B2B merchants and providing continuous support to existing ones.

It was an exciting month for Swapin, and we can clearly see that we are on the right track in the recognition of web3 fintech solutions from both financial market players and customers. We will continue to put more efforts in the upcoming months.

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.