It’s also worth noting that despite having a marketing slogan which paints itself as “your bank of things”, Twig is not actually a bank rather a Twig account is an “e-money account” - so there are key regulatory differences (such as Twig accounts not being covered by the U.K.’s deposit guarantee scheme). Growth via user referrals looks likely to have helped fuel its early rise, given Twig charges users a £1 transfer fee for users to send money to a third-party account but there’s no fee if you transfer from one Twig account to another. He adds that the typical user is a 22-year-old, recently graduated professional female - perhaps with a bunch of stuff in her wardrobe that she’s outgrown and would be happy to resell. Founder and CEO Geri Cupi tells TechCrunch it has around 250,000 users at this stage. (slated for Q1 this year) and the EU (Q2 where it’s eyeing Italy, France and Germany for starters), as well as expanding the product’s capabilities and feature-set with a focus on the buzz around web3 and digital collectables.įor now, Twig accounts are only available in the U.K. The Series A is pegged for launching in the U.S. last July - but it touts rapid domestic growth (100,000+ monthly downloads of its apps reaching sixth position in the iOS App Store’s top finance apps) and is already gearing up for international expansion. ![]() The startup was only founded in mid 2020 - launching its service in the U.K. The investment is led by U.K.-based fintech specialist, Fasanara Capital, with additional backing from a number of undisclosed strategic investors which Twig says include current and former executives from LVMH, Valentino and Goldman Sachs, among others. Twig, a London-based fintech targeting Gen Z and younger millennial consumers with an e-money account that gives them instant cash-outs on fashion and electronics they want to sell, has closed a $35 million Series A round of funding.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |