May 2023 investor report

June 6, 2023
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 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 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.