Swapfiets Posts €91.1M Revenue in 2024, Up 7% with Positive Cash Flow
[Micromobility Pro] Swapfiets grew revenue 7% to €91.1m in 2024, narrowed net loss to €14.3m, returned to positive cash flow, and is focusing on core European markets while weighing future expansion.
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Contents
About Swapfiets
Operations
Ownership Structure
2024 Financial Performance
Chart: Net Revenue vs Net Result ( 2018 to 2024), Revenue Split by Region (2024)
Chart: Membership, Average Revenue Per Member (2018-2024)
Revenue Breakdown by Geography
Cost Structure and Cost Reductions
Table: P&L Snapshot
Cash Position & Debt Restructuring
Table: Balance Sheet Snapshot
Conclusion
About Swapfiets
Swapfiets is a bike subscription service founded in 2014 by Dutch students Richard Burger, Dirk de Bruijn, and Martijn Obers. Instead of owning a bike, customers pay a fixed monthly fee for access to a high-quality bicycle, e-bike, or e-scooter, with all service, repairs, and replacements included. The idea is simple: if your ride breaks, Swapfiets fixes or swaps it, so you're never without a working bike for long.
Swapfiets today has over 266,831 members and employs 727 people. The company offers a range of five bike models, including two pedal bikes and three e-bikes.
Operations
As of December 2024, Swapfiets operates in 45 cities across 8 European countries (the Netherlands, Germany, France, the UK, Belgium, Denmark, Spain, and Austria).
No new cities were added in 2024. Management's stated focus is on "optimizing growth in these cities" and "continuously reassessing the company’s global footprint."
In 2024, Swapfiets discontinued operations in Italy as part of a deliberate "legal entity rationalisation strategy." All assets and operations were successfully transitioned out, with no material impact on the Group's finances. This move signifies a strategic pivot from rapid expansion to a focused strategy of deepening presence in core markets rather than broadening geographic reach.
Check this panel from Micromobility Europe where Marc De Vries, CEO of Swapfiets shared some insights
Ownership Structure
Swapthis Holding B.V. remains a 100% subsidiary of Pon Holdings B.V., the Dutch mobility conglomerate. Pon's financial support is the critical enabler of Swapfiets' strategy, providing both equity injections (€19.6m in paid-in capital in 2024) and working capital loans. The group structure includes a holding company (Swapthis Holding B.V.), a central service company (SwapServices B.V.), and individual operating companies in each country.
The company's going concern status is explicitly dependent on the continued financial commitment from its parent company.
2024 Financial Performance
Swapfiets reported €91.1m in revenue, a growth of 7% from €85.3m in 2023. This growth was primarily driven by the e-bike subscriptions, which were complemented by the rise in the e-bike fleet. The number of e-bikes reached 52,000, a 23% increase YoY. E-Bike share in the total membership base rose to 20% in 2024.
The net loss improved substantially to €14.3m, down from a €22.6m loss in 2023 (an improvement of €8.3m).