Swap banks $40M to build tools for merchants to deal with tariffs and other cross-border trading nightmares

Cross-border trade could become significantly more challenging with the wave of new tariffs getting introduced across different markets. Today, in a timely piece of news, a London-founded startup called Swap — which is building tools for e-commerce companies to better navigate the cross-border trading world — is announcing $40 million in funding to expand. Iconiq Growth is leading the Series B round, with participation also from Cherry Ventures, QED Investors, Portfolio Ventures, and 9900 Capital. The funding will be used to build on the company’s existing footprint with U.K. businesses, with an expansion plan into wider Europe and the U.S., as well as Australia and Canada. The funding is coming with some business momentum. To date, Swap has racked up some 500 brands as customers. It has been securing that business with a platform that gives its users a single place to manage logistics and shipping operations, including inventory, returns, and product recycling. Those functions typic ... Read full article.