‘Bank of things’ fintech Twig nets $35m for app that trades used items for NFTs
London-based circular economy fintech Twig has raised $35m (£25.7m) in a Series A funding round.
The funding will be used to help Twig roll out the “first-of-its-kind” Web 3.0 green payment infrastructure, alongside its current financial offerings.
It also plans to use the cash to fund its expansion to the EU and US. The scaleup says it’s committed to positively contributing towards the environment with its approach. It is already a member of the Ellen MacArthur Foundation and is in the process of obtaining a B-Corp certification.
Twig describes itself as a “bank of things”, however, it is actually an e-money account and so does not fall under the same legal requirements or protections. It allows users to “tokenise” used items and trade them and then use the cash to buy cryptocurrencies and NFTs.
The scaleup is targeting millennials and gen Z.
UK-based Fasanara Capital led the investment, while other undisclosed investors from current and former executives at LVMH, Valentino, Balmain, Tod’s, Swarovski, L’Oréal, Barclays, Goldman Sachs and Scalapay participated.
Founder and CEO, Geri Cupi, said: “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.”
Founded by Cupi in 2020, Twig aims to merge payments with resales and enable consumers to monetise their items in a sustainable manner. The platform offers its users to sell or trade-in electronics or their fashion clothing for cash. It also offers a banking account to send and receive payments online, along with a free Visa debit card.
Twig was launched for the public back in July 2021 and the company claims its app has witnessed over 100,000 monthly downloads. The company says its Web 3.0 green payment infrastructure will be the first of its kind when it’s rolled out.