London-based circular economy firm Twig has raised $35 million (£25.7 million) in a Series A funding round.
The funding will be used to help Twig roll out its “first-of-its-kind” green payments infrastructure Web 3.0, along with its existing financial offerings.
It also plans to use the cash to fund its expansion in the European Union and the United States. Scope says it is committed to making a positive contribution towards the environment through its approach. She is already a member of the Ellen MacArthur Foundation and is in the process of earning her B-Corp certification.
Twig describes itself as the “Bank of Things”, however, it is in fact an electronic money account, and therefore is not subject to the same requirements or legal protections. It allows users to “token” the items used and trade them and then use the cash to buy cryptocurrencies and NFTs.
The range targets millennials and Generation Z.
UK-based Vasannara Capital led the investment, while other undisclosed investors from current and former CEOs of LVMH, Valentino, Balmain, Tod’s, Swarovski, L’Oréal, Barclays, Goldman Sachs and Scalapay participated.
Founder and CEO, Jerry Kobe said: “We have spent a great deal of time understanding the consumer patterns and lifestyle needs of Generation Z and core millennial audiences and believe we can meet their needs uniquely and for a wider audience, now internationally. We are pleased to be able to expand our product offerings. And to be available in both the US and the EU this year.”
Founded by Cupi in 2020, Twig aims to integrate payments with resale and enable consumers to monetize their goods in a sustainable way. The platform offers its users to sell or trade their electronics or fashion clothes for cash. It also offers a bank account to send and receive payments online, along with a free Visa debit card.
Twig was launched to the public in July 2021 and the company claims that its app has seen over 100,000 downloads per month. The company says that its Green Payments Infrastructure Web 3.0 will be the first of its kind when it is rolled out.