A circular economy firm has raised £26 million to build Web 3.0 green payment infrastructure as well as expand into the European and American markets.
Twig allows users to sell or trade in clothing and electronics for cash, which it then sells on, and has an e-money debit card.
The Series A round was led by Fasanara Capital and saw participation from angels including current and former executives of LVMH, Valentino, Balmain, Tod’s, Swarovski, L’Oréal, Barclays, Goldman Sachs and Scalapay.
“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 CEO Geri Cupi.
“We have spent a 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.
“We are very excited to lead the Web 3.0 green payment ecosystem and further push boundaries in FinTech innovation.”
Founded in 2020, Twig now plans to develop payments infrastructure to allow users to be paid in NFTs or cryptocurrencies when they trade in items.
The app is growing by 100,000 downloads a month, according to the London firm.
Francesco Filia, CEO at Fasanara Capital, added: “Fasanara Capital is pleased to be a part of Twig’s next chapter and lead the Series A investment round, in recognition of the company’s incredible growth achieved in such a short period of time.
“We are excited with Twig’s and Geri’s vision in building the next FinTech wave. Fasanara remains committed to Twig’s circular economy mission and proud to support the company and the team in their growth expansion quest.”