Swapfiets' Revenue up 19% to €85.3m in 2023
Full breakdown of micromobility subscription company Swapfiets' 2023 finacial performance and user growth
Welcome to Micromobility Pro, a bi-weekly publication which is part of The Micromobility Newsletter, where we deep-dive into financials of micromobility companies and exclusive insights tailored for professionals and members.
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Speakers:
Horace Dediu, Co-Founder Micromobility Industries
Maxim Romain, Co-Founder Tier-Dott
Kevin Talbot, Managing Partner, Relay Ventures
Kersten Heineke, Partner McKinsey & Company
Fredrik Hjelm, Co-Founder, CEO Voi
Marc de Vries, CEO Swapfiets
Carlo Napolitano, Investment Manager Sofina (Investor, Tier-Dott)
Erdem Ovacik, Founder, Donkey Republic
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Contents
About Swapfiets
2023 Financial Performance
Chart: Revenue vs Net Profit (2018 - 2023)
Revenue Breakdown by Geography
Cost Structure and Cost Reductions
Chart: Membership and Revenue per Member (2018-2023)
P&L Snapshot
Cash Position and Debt Restructuring
Consolidated Balance Sheet
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. Now active in 45 cities across Europe, Swapfiets has become a recognizable part of urban life, thanks in part to its signature blue front tire.
Swapfiets offers five bike models, including two pedal bikes and three e-bikes.
- Pedal bikes: Original, Deluxe 7
- E-bikes: Power 1, Power 7, Power Plus
Swapfiets competes with Germany based Dance in the same space. We broke down the financials of Dance in the previous edition of Micromobility Pro.
2023 Financial Performance
In 2023, Swapfiets reported 85.3m in revenue, up 19% from €71.7m in 2022, driven by expansion in established core markets like the Netherlands and Germany and a growing e-bike subscription base, surpassing 43k subscribers by year-end.
