Swych announces record growth and sales in 2017
Swych announces record growth and sales in 2017
Outlook for 2018 includes accelerated growth, more technological innovation, enhanced user experience and global access
PLANO, TEXAS — January 18, 2018: Swych, Inc., the pioneer of the revolutionary Swych™ digital gifting platform, and the world’s first global gifting network, today announced it achieved record growth in 2017 with better than expected results.
After its launch in September 2016, Swych service was adopted by tens of thousands of consumers in just a matter of weeks. Compared to 2016, the Swych user base grew nearly 300 percent and transaction volume increased by 1500 percent in 2017. The average size of a transaction increased by 250 percent while revenue increased by more than 1000 percent.
Following its recognition as a Finovate Best of Show winner in 2016, Swych began 2017 by also winning the prestigious PYMNTS.com Innovation Award early in the year. In the second quarter, Swych was selected and implemented very successful merchant funded campaigns with national brands that proved the Swych platform and service is attractive to both retailers and consumers alike. Swych also announced a global partnership and investment from a leading global money transfer brand in the third quarter that has validated its mission of bringing cross border gifting services to consumers across multiple markets. Swych ended the year with a bumper holiday gifting season where transaction volume in the fourth quarter was 1000 percent more than the same period in 2016.
Throughout 2017, Swych added innovative services and features to delight customers. This included adding many new attractive brands to the mobile app, along with specially branded universal gift options that celebrate life's special events such as weddings, babies and birthdays. Swych launched category gifts for the world traveler, the foodie, the movie and entertainment buff, and the fashionista where the recipient can choose from select brands that consumers love within the category. Swych also finalized an agreement with a major Latin American mobile payments partner to bring its services to Colombia in partnership with a leading financial institution.
“We would like to thank all of our consumers, investors, partners and vendors who have contributed to our thriving success in 2017,” said Deepak Jain, founder and CEO. “We are committed to a vision of innovation and transformation in the gifting space and are confident we will bring many more industry firsts to the market in 2018.”
2018 will see similar growth with another 1000 percent growth in transaction volume and 250 to 300 percent growth in subscriber base. Swych is also committed to continued innovation on the technological front with advancements in fraud management, artificial intelligence, bots and data analytics that make the Swych network the most powerful global gifting and shopping network on the planet. This network now features retailers in the United States, India, United Kingdom and Australia, and will be expand in 2018 to include popular retailers in Canada, Japan, Colombia and Philippines.
Disclaimer on Forward Looking statements
Certain information set forth in this release contains “forward-looking information”, including “future oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements).
These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.
Although forward-looking statements contained in this release are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Swych’s patent pending mobile gifting platform enables users to send “swychable” gifts from their mobile device that can be instantly redeemed for electronic gift cards from more than 120 popular brands. Swych users can instantly buy, send, re-gift, upload, Swych and redeem gift cards conveniently from their mobile device. Swych is a private company funded by seasoned angel investors from the banking, financial services, payments, gifting, telecom and enterprise computing space. Swych is headquartered in Plano, Texas, with offices in San Francisco, California, as well as Swych Canada, Inc., in Toronto and Swych International Pvt. Ltd. in Vadodara, India. For more information please visit www.goswych.com. To download the award winning Swych app, visit http://goswych.com/download.
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