Twig acquires French challenger bank for teens Vybe
Twig is further making its mark on mainland Europe with its latest acquisition.
Sustainability-focused and self-described “bank of things” Twig is acquiring Vybe, a French neobank for young people.
The teen banking services provider adds to Twig’s recent acquisitions – UK-based Loopster and Mobi.market – and marks the latest step forward in the company’s aim to become “the go-to platform for the Gen Z market”.
Launched in 2021, Twig describes itself as a fintech based on circular economy principles, allowing users to sell or trade in their clothes or electronics for “instant” cash.
“With technology the Vybe team built, we are able to offer our users a more comprehensive suite of services, including teen banking and financial literacy education,” Twig CEO Geri Cupi said.
“This will help us better serve the Gen Z audience, and provide them with the tools they need to be successful in their financial lives.”
According to Twig, it is currently the fastest-growing fintech in Europe, having hit one million users in October, just 15 months after launching.
The third acquisition marks a move into mainland Europe for Twig following its two UK-based acquisitions, second-hand clothing company Loopster and electronics rental company Mobi.market.
It follows a $35m raise a year ago to support the startup’s expansion into EU and US markets and the rollout of its web3 payment infrastructure, in a Series A round led by Fasanara Capital.