EIB Supports Swappie's Sustainable iPhone Refurbishment with €17M Loan

“Swappie is a good example of how we can reduce waste and extend the use of technical appliances while making them more affordable,” said EIB Vice-President Thomas Östros.

The European Investment Bank (EIB) has signed a loan agreement with Swappie, Europe's leading iPhone refurbisher, to support high-quality refurbishment of iPhones. This initiative aims to extend the lifespan of the devices, enabling consumers to reduce their carbon footprint and support a circular economy.

Under the agreement, EIB will provide a five-year, €17 million loan to the innovative Finnish startup. The funds will be used to invest in research, development, and robotics to enhance the speed and reliability of iPhone repairs. This deal will also allow Swappie to improve its refurbishment and operational capabilities, expand its product range, and broaden its international reach.

The agreement is backed by the InvestEU programme, which aims to mobilize more than €372 billion in additional investment from 2021 to 2027. The programme focuses on EU policy priorities such as the green transition, competitiveness, innovation, and sustainable infrastructure.

Swappie refurbishes iPhones to the highest standards using proprietary technology, thereby avoiding environmental waste and enabling customers to purchase high-quality devices at lower prices. A refurbished smartphone's carbon footprint is 80% lower than that of a new device, and extending a mobile phone's use by an additional year can reduce its lifetime carbon dioxide emissions by a third.

"Swappie is a good example of how we can reduce waste and extend the use of technical appliances while making them more affordable," said EIB Vice-President Thomas Östros. "We are pleased to help Swappie empower customers to buy smart, pay less, and reduce their carbon footprint. Swappie expands consumer access to electronics while having a positive impact on the planet. Its concept to reduce e-waste, reuse all functional spare parts, and recycle generated waste aligns with the EIB's commitment to supporting a circular economy and sustainable innovations."

Swappie's CFO Lauri Lipsanen expressed gratitude for the EIB's support, stating, "We are immensely grateful for the European Investment Bank's support through this €17 million loan, which signifies a pivotal moment for Swappie as we continue to advance our mission of sustainable technology consumption. This funding will support our research and development efforts, allowing us to further refine our refurbishment processes and extend the lifespan of iPhones, thereby reducing e-waste and minimizing the carbon footprint associated with new smartphones. It's another exciting step forward in our commitment to make quality refurbished electronics accessible and affordable, contributing to a greener planet and a more sustainable future."

This partnership underscores the commitment of both the EIB and Swappie to fostering sustainable technology consumption and reducing electronic waste, promoting a more sustainable future for all.