By Liza Tetley on Wednesday 12 January 2022
The latest round of financing – supported by investors from an array of large luxury goods brands and banks – will fuel the start-up’s expansion into new markets and build its product roster.
Rapidly growing British start-up, Twig, has today announced it has secured $35m from its latest Series A financing round to support its future growth plans.
Launched in 2021, Twig claims to be one of the fastest growing fintech apps in the UK, boasting over 100,000 monthly downloads, which currently places it among the top 10 finance apps on the App Store.
Described by founder and CEO Geri Cupi as “the bank of things”, Twig allows users to sell or trade-in clothing or electronics in return for instant cash, which can then be used towards future purchases.
Targeting predominantly Gen Z and Millennial users, Twig self-identifies as a circular economy fintech. It aims to unlock user wealth in a sustainable way, while rerouting unwanted goods to the second-hand market, thereby reducing landfill waste.
The investment round was led by UK-based fintech specialist Fasanara Capital with support from a group of “undisclosed strategic investors” which, according to the company, included executives from LVMH, Valentino, Balmain, Tod’s, Swarovski, L’Oréal, Barclays, Goldman Sachs and Scalapay.
The capital call comes as the fintech plans its entry into EU and US markets, as well as the rollout of its ‘Web 3.0’ payment infrastructure, which it claims is a market ‘first’.
Due to launch with its first partners in the second half of this year, Twig’s platform enables digital and physical items to be traded by users on the platform, either for cash or in exchange for digital assets such as cryptocurrencies and non-fungible tokens (NFTs).
“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 Cupi.
Speaking to AltFi on his plans for the platform, Cupi confirmed that Web 3.0 will support cryptocurrencies Bitcoin and Ethereum.
When questioned on the green credentials of Web 3.0—in light of crypto’s well-documented ‘green’ issues—he added: “All the cryptocurrencies and NFTs traded on Twig’s platform are carbon offset, making this a uniquely green proposition in the market.”
The news comes shortly after the announcement of Twig’s acquisition of second-hand clothing marketplace Loopster in December 2021.