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.”

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