February 2024 Investor Report
February has been a month of strategic advancements and partnerships for Swapin, building on the strong start of 2024. Our commitment to bridging the gap between crypto and traditional banking has driven significant progress in February, so here’s a quick overview of Swapin’s key achievements and updates from last month.
Transaction Growth
February saw a 9.2% increase in transactions from returning customers compared to January, with new customer transactions up by 18.75%. This growth indicates the continuous rising demand for our services as we noticed a significant increase in transaction volumes across SwapinBuy, SwapinGet, and SwapinPay, with total rolling volume among both individual and business customers combined rising by 10.38%.
Product & Development
- Enhanced KYB Flow: We’ve streamlined our Know Your Business (KYB) process to optimize user interactions, thereby enhancing overall satisfaction, contributing to improved customer retention and acquisition
- Infrastructure Update: Our crypto transaction infrastructure has been updated to ensure faster and more reliable transaction processing, catering to the increasing demand while also ensuring a smoother user experience
Marketing
- Valentine’s Day Campaign: We engaged our community with a special social media campaign during Valentine’s Day, with a Swapin Fee discount voucher
- ICE London: Swapin’s participation in the ICE London event was extensively covered, expanding our visibility and credibility within the industry
- Bitcoin Halving Educational Campaign: We initiated an educational campaign about the Bitcoin Halving event, informing our customers and partners about its significance and effects on the market
- Meet the Team Blog: A new blog post introducing some of our team members to the community, adding a personal touch to our brand
Business Development & Sales
- BTC-Alpha Partnership: Our SwapinWidget partnership with BTC-Alpha is now operational, enhancing their platform with Swapin’s easy and secure crypto buying and selling capabilities.
- Expanding Partnerships: Active discussions are ongoing with over 55 prospects, including some industry giants. Furthermore, two new clients have initiated the SwapinWidget integration process.
As we advance into March, Swapin’s team remains focused on innovation and expansion to meet the evolving needs of our customers and partners. We are enthusiastic about 2024 and thankful for the ongoing support and trust from our investors and community.
Stay connected with us through our social media platforms here and subscribe to our LinkedIn weekly industry newsletter for the latest in the crypto and web3 space.
January 2024 Investors Report
January set a promising pace for Swapin in 2024, characterized by growth and active community engagement, marking a strong start to the year. As we continue to bridge the worlds of crypto and traditional banking, here is a snapshot of Swapin’s main achievements and developments from January.
Key Highlights:
Transaction Growth
The number of unique users completing transactions increased in both individual and business customers using SwapinPay, with a respective rise of 5% and 15%. Additionally, individual customers using SwapinBuy witnessed a surge of 12.5%, indicating a rise in demand for our crypto buying solution.
Event Participation
Our team participated in TON Tallinn and ETH Tallinn meetups, alongside hosting an event in partnership with Estonian Web3 Chamber at our office titled “Forward Together: Crypto & Fintech in 2024”. You can find the recap video here.
Increased Demand
The successful launch of our partnership with Siberian Wolf, coupled with active talks with over 55 prospects, highlights the increasing demand for our easy to integrate crypto on- and off-ramp solution for platforms, SwapinWidget.
Customer Retention
Completed transactions by returning customers increased by 26.9% compared to December, indicating strong customer loyalty and confidence.
Product & Development
In January, our product team mainly focused on:
- Adding new banking providers to the infrastructure
- Rebuilding the onboarding experience of our business customers
- Helping several new SwapinWidget integrations to go live
- Preparing for the updated KYB (Know Your Business) customer flow release in February
Marketing
In January, our marketing team:
- Promoted and organized our event “Forward Together: Crypto & FinTech in 2024” at our office January 30th in partnership with Estonian Web3 Chamber
- Updated important email flows for KYB (Know Your Business) new customer processes
- Published an ultimate guide to buying crypto in 2024 as well as Spot Bitcoin ETF campaigns across email and social media channels
- Partnered up with Offchain Global for co-hosting future educational events and collaborative content
Business Development & Sales
In January, our sales team:
- Prepared for ICE London event and compiled an updated pipeline with focus on online gaming
- Is having active discussions with 55+ prospects for SwapinWidget
- Launched SwapinWidget partnership with Siberian Wolf
- Attended ETH Tallinn, TON Meeting, and ICE London
As we continue into 2024, Swapin remains dedicated to driving fintech innovation, enhancing community engagement, and reinforcing our role as a pivotal connector between crypto and traditional banking. We’re excited for what’s ahead and grateful for the support from our investors and community.
Stay connected with us on social media through here and subscribe to our LinkedIn weekly industry newsletter to stay informed on the latest in the crypto and web3 space.
December 2023 Investors Report
December was pivotal for Swapin, concluding a year of significant progress and innovation. As we continue to bridge the worlds of crypto and traditional banking, here are Swapin’s main achievements and developments from last month.
Key Highlights:
1. Financial Growth
Achieved an impressive €1.5M turnover in just the first two weeks of December from our crypto-to-fiat off-ramping solutions SwapinPay and SwapinGet, signifying Swapin’s growing market presence and customer trust in our solutions.
2. Events and Leadership
Our team attended the W3N event where Swapin had its own booth. Our CEO, Evald-Hannes Kree, was a speaker at the panel discussion on “The State of Web3 Regulation ” and led a workshop on “How to Use Crypto to Boost Your Business” sharing some practical tips on leveraging crypto for business growth.
3. SwapinWidget Demand
The successful launch of the first live integration with GeekPay and the onboarding of 7 SwapinWidget partners, with 3 more in the queue and active talks with over 50 prospects, highlighting the increasing demand for our innovative crypto on- and off-ramp solution for platforms.
4. Increased Transactions
A significant 1.68% increase in completed transactions in December, with SwapinGet and SwapinBuy volumes seeing the most growth. We saw a 29% increase in transactions for SwapinGet among business customers and 19.8% for individuals.
5. Customer Retention
Returning customer transactions also rose by 9.56%, indicating strong customer loyalty. Additionally, we noticed a rise in SwapinBuy unique business users by 17.65% and individual users by 14.29% compared to previous month, showing increasing demand for our easy crypto buying solution.
Product Development
In December, our product team focused on:
- Launching the first integrations for SwapinWidget partners smoothly
- Implementing a new limits system for customers – from yearly limits to daily and monthly limits for accounts
- Rebuilding and upgrading the business onboarding flow
Marketing
Our marketing team was working on:
- Preparing email campaigns and materials for Swapin’s investment round
- PR coverage of Swapin with the latest article “Shaping the Future of FinTech: Swapin’s Mission to Bridge Crypto & Banks” you can find on Yahoo
- Initiating partnership marketing campaigns with SwapinWidget partners, first of which was GeekPay
- Updating email flows and templates for customer activation and retention as well as SwapinWidget end user communication
- Email marketing to customers on product updates
Business Development & Sales
Our sales team has been actively:
- Getting the first SwapinWidget integration live with GeekPay
- Streamlining and automating SwapinWidget partner integration process
- Having active discussions with over 50 partners
- Queueing up 3 clients for SwapinWidget integration
As we step into 2024, we are ready for even greater achievements, solidifying our position as a leader in fintech innovation. Stay connected with us on social media, which you can find here. You can subscribe to our LinkedIn weekly industry newsletter to stay informed on the latest in the crypto and web3 space.
Our team at Swapin wishes you a remarkable 2024 ahead!
November 2023 Investors Report
November was a successful month for Swapin, marked by impressive achievements and global outreach. We continue to make significant strides in connecting the worlds of crypto and traditional banking, especially with our latest solution SwapinWidget gaining traction among Web3 platforms.
Key Highlights:
- Financial Growth
In the last week of November alone, our off-ramp solutions (SwapinPay and SwapinGet) achieved a turnover of €870k, indicating strong demand and trust in our services.
- Global Outreach
Our CEO, Evald-Hannes Kree, attended key events in the UAE, including Abu Dhabi Finance Week, ETH Abu Dhabi, and the Green Blockchain Summit, fostering new connections and meeting up with investors and partners. This signifies our commitment to expanding Swapin’s influence in the fintech and Web3 space.
- SwapinWidget Demand
We successfully onboarded 4 SwapinWidget partners and are in talks with many more prospects. This reflects the growing market demand for our innovative crypto on- and off-ramp solution for Web3 platforms.
- Investment Round Progress
Our ongoing investment round has gathered significant interest, with €300k already committed towards our €1 million seed round raise goal. This highlights the confidence investors have in Swapin’s potential and future growth.
- Increase in Off-Ramping
There was a remarkable 22.34% increase in the amount of completed transactions in November compared to the previous month. SwapinGet saw a 37.64% rise in transaction volume compared to October, and SwapinPay experienced a 44% increase, indicating a strong preference for off-ramping services in November.
- New User Acquisition
In November, there was an impressive 358% rise in transactions made by new customers, reflecting a surge in new unique active users so far in Q4 for Swapin.
Product Development
Our product team focused on:
- SwapinWidget integration updates – implementing key functionality for merchants to customize their user experience
- SwapinWidget Sandbox for developers
- SwapinBuy automation – enhances processing of the transactions and makes them faster and smoother
- Web app and landing page updates – KYC, SwapinBuy, SwapinPay help videos live within the app for users, and supported countries landing page updated
Marketing
Our marketing team was working on:
- Launch of SwapinWidget on social media, blog, and newsletter as well as PR coverage
- Preparing email campaigns and materials for Swapin’s investment round
- Updating email flows and templates for customer activation and retention
- Updating the Help Center with new and revised articles
- Preparing for W3N event Dec 12-13th, including social media coverage and the presentation for our CEO’s workshop on “How to Use Crypto to Boost Your Business”
Business Development & Sales
Our sales team has been actively:
- Streamlining and automating SwapinWidget partner integration process
- Building the pipeline; active discussion with 33 prospects
- Queued up 4 clients for SwapinWidget integration
- Working on Pipedrive setup and automation
November’s achievements set a strong foundation for future growth as we feel a momentum building in the midst of our funding round. We’re gearing up for an impactful end to the year, solidifying our position as an innovative leader in the European payment solutions market and preparing for a successful new year ahead.
You can stay up to date with Swapin’s latest updates by following our social media channels, which you can find here. You can subscribe to our LinkedIn weekly industry newsletter to stay informed on the latest in the crypto and web3 space.
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.
Marketing
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.
Marketing
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.
Marketing
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.
Marketing
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.
Marketing
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.
Marketing
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.
