Aiming to become “the go-to platform for Gen Z,” circular economy FinTech Twig has acquired Vybe.
The London-based FinTech company rooted in circular economy principles said in a Thursday (Dec. 22) press release that its acquisition of the provider of teen banking services continues its expansion that includes the recent purchases of U.K. companies Loopster and Mobi.market.
“With technology 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 in the release. “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.”
Twig offers users instant cash access when depositing goods they no longer want as well as providing a debit card, domestic and international bank transfers, and other traditional banking services, according to the press release.
As of Oct. 22, 15 months after its launch, Twig has 1 million users. The firm has raised $40 million and has become the No. 1 FinTech app in Italy, the No. 2 app in the United Kingdom and one of the top apps in the United States, the press release said.
With the recent acquisitions, Twig aims to continue expanding its reach and make an impact on the Gen Z market, per the release.
“We are so excited to be taking this step forward, and are confident that it will help us expand our reach to even more customers,” Cupi said in the release.
The latest acquisition comes about 11 months after Twig raised $35 million in a Series A round.
When announcing that round of financing, the company said Jan. 11 that the investment would be used to expand in the European Union and the U.S. and boost its suite of financial products.
In an interview with PYMNTS posted in June, Cupi said young shoppers’ desire for sustainable, eco-friendly products and services is driving a “tectonic” shift in how merchants behave as many have added circular payment solutions that are kinder and gentler to the environment.
“After our users cash out products, they’re often using some of this income to buy more experiences or pay for tuition, and it doesn’t get more circular than enabling consumers to buy new experiences or items by using their old items instead of cash,” Cupi said.
