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Twig, a London-based fintech company targeting Gen Z and younger millennials, has successfully secured $35 million in a Series A funding round. The investment is led by U.K.-based fintech specialist Fasanara Capital, with additional backing from undisclosed strategic investors, including executives from LVMH, Valentino, and Goldman Sachs. Founded in 2020, Twig offers an e-money account allowing users to instantly cash out on fashion and electronics they wish to sell.
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Although relatively new, Twig has experienced rapid growth, boasting over 100,000 monthly app downloads and reaching the sixth position in the iOS App Store’s top finance apps. With this funding, the startup is preparing to expand internationally, with plans to launch in the U.S. and EU.
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Twig accounts, referred to as “e-money accounts,” offer bank-like functionality, including the ability to make domestic and international money transfers. The platform allows users to upload items, such as luxury fashion or electronics, which Twig then tokenizes and offers a price for. Users can then either trade these items for virtual goods or use the virtual goods to buy physical items or experiences.
londonbased twig 35m serieslomastechcrunch
The startup aims to make it easier for consumers to resell their possessions, increasing liquidity in the secondary market. While Twig has been keen to promote its environmental and sustainable credentials, its intention to allow users to trade cryptocurrencies and NFTs raises concerns about the associated energy costs of blockchain technology. Twig, however, claims its blockchain infrastructure is more energy-efficient than others and is offsetting its carbon emissions.
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Twig hopes that by providing a means for users to easily exchange their belongings for virtual goods or cryptocurrency, consumers will buy fewer new items, contributing to a more circular economy. While its current demographic primarily comprises Gen Z and young millennials, Twig acknowledges that the broader market may react differently once the platform expands into new territories.
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The future of payments may well be visual and physical, with users using their possessions as a form of currency. However, Twig’s success in convincing older consumers to embrace this concept remains uncertain. As the company prepares to launch in new markets, its impact on circularity and consumption will become clearer.