Twig, which describes itself as a UK circular economy FinTech scaleup, has closed its Series A round on $35m.
UK-based FinTech specialist Fasanara Capital served as the lead investor. Other backers to the round include current and former executives from LVMH, Valentino, Balmain, Tod’s, Swarovski, L’Oréal, Barclays, Goldman Sachs and Scalapay.
With the capital burst, Twig hopes to accelerate the delivery of its Web 3.0 green payment infrastructure, and the roll out of its current financial products.
The company also has its eyes on expansion in the EU and US.
Twig describes itself as a ‘Bank of Things’. It merges payments with resale to bring value to users through instant monetisation of their items, in a sustainable manner. Its goal is to empower consumers to value, unlock and enjoy wealth they never knew they had.
Users can currently sell or trade-in their fashion clothing and electronics in exchange for instant cash.
Twig claims to be the fastest growing FinTech app in the UK since it launched in July 2021, with it growing at a rate of over 100,000 monthly downloads.
It is in the process of rolling out its Web 3.0 green payment, which is allegedly the first of its kind in the market. By tokenising real world assets and making them tradable within seconds, Twig hopes to enable digital and physical items to be monetised and traded in new ways. This would let users trade-in goods at the checkout page and buy cryptocurrencies as well as NFTs by trading-in their clothes and electronics.
Twig founder and CEO Geri Cupi said, “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.
“We have spent a 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.”
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