Circular economy scale-up Twig raises $35m

London-based FinTech Twig, which merges payments with resale, has announced a $35 million Series A funding round.

The company said that its service enables the instant and sustainable monetisation of items.
Currently, users can sell or trade-in their fashion clothing and electronics in exchange for instant cash, which they use towards their next purchases.

The circular economy scale-up said that the investment will help it accelerate delivering its Web 3.0 green payment infrastructure and boost the roll out of its current suite of financial products.

The round was led by Fasanara Capital, supported by undisclosed strategic investors, a group composed of current and former executives from LVMH, Valentino, Balmain, Tod’s, Swarovski, L’Oréal, Barclays, Goldman Sachs and Scalapay.

Twig claims that it is the fastest growing FinTech app in the UK since its launch in July last year. It said that it is growing at a rate of over 100,000 monthly downloads.

The company has “imminent” expansion plans in the EU and US, growth of which will be powered by the capital raised.

"Our mission is to empower our consumers to make conscious choices around sustainability, and simultaneously release wealth in an instant and seamless way, fit for 2022 digitally savvy users,” said founder and chief executive of Twig, Geri Cupi. “We have spent considerable time understanding both consumer patterns and lifestyle needs of Gen Z and core Millennial audiences and believe we can uniquely cater to their needs and to a wider audience, now internationally.

“We are thrilled to be able to extend our product offering and be available in both the US and EU this year.”

    Share Story:

Recent Stories

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.