Israeli Startup SWAPTIX Launches Instant Credit Platform for Secondhand Tickets
Translated & summarized from Israel Hayom by baba
Israeli startup SWAPTIX has launched a platform that provides instant credits for secondhand event tickets, eliminating the need for users to find buyers. The AI-powered system verifies tickets and offers immediate value, which can be used for other purchases or converted to cash. This addresses common issues like fraud and the hassle of reselling tickets for events that users can no longer attend. The platform also offers tickets for sold-out events to the general public at attractive prices.
The story in 6 lines · by baba
- Israeli startup SWAPTIX offers instant credits for secondhand event tickets via an AI-powered platform.
- Users receive immediate value for tickets without needing to find a buyer, usable for other purchases or cash.
- The platform uses AI to determine real-time ticket value based on demand, seat location, and event proximity.
- SWAPTIX aims to combat ticket fraud and simplify the resale process for attendees.
- The system provides access to tickets for sold-out events at potentially lower prices.
- The venture was founded by CEO Avidan Negar, CTO Simon Chulsky, and COO Roni Sela.
Israeli startup SWAPTIX has launched a new platform for trading secondhand event tickets, aiming to provide users with immediate value for their tickets without the need to find a buyer. The system automates the process, which traditionally involves listing tickets online, negotiating prices, and waiting for a purchaser. Users upload their tickets to the platform, and after a quick verification and valuation, they receive instant credits usable for purchasing other tickets on SWAPTIX. These credits can later be converted into cash.
The company's technology utilizes an AI system to determine real-time ticket value based on factors such as demand for the event, seat location, and time remaining until the show. The venture was founded by CEO Avidan Negar, former chairman of the Elitzur Netanya basketball team, CTO Simon Chulsky, a co-founder of cybersecurity firm Actifile, and COO Roni Sela.
Negar explained that the platform's goal is to eliminate the hassle for ticket holders who can no longer attend events due to unforeseen circumstances, such as illness, military reserve duty, or social events. "Our goal is to take the user out of this chase and allow them to get value for the ticket almost immediately," he stated.
SWAPTIX also addresses the issue of fraud in the secondary ticket market. A UK study indicated that approximately 14% of concertgoers had purchased counterfeit tickets, resulting in an estimated annual loss of £150 million. To combat this, SWAPTIX implements rigorous verification of users and tickets, including checks against credit card company databases.
Chulsky highlighted the challenge of accurately valuing tickets in real-time, noting that two tickets for the same event can have vastly different values depending on their location, demand, and proximity to the event date. He described their system as transforming a manual and uncertain market into a data-driven, fast, and automated process.
The platform also functions as a marketplace for the general public, offering tickets for sold-out events at attractive prices, sometimes below the original cost. This initiative taps into the growing global secondhand market, valued at an estimated $18 billion in North America in 2024, according to StubHub data. Unlike items like clothing or smartphones, event tickets have a strict expiration date, making SWAPTIX's solution particularly relevant for this market.