LONDON — Twig, the London-based start-up on a mission to merge resale with fintech, has raised $35 million in a Series A financing round.
The investment round was led by fintech specialist Fasanara Capital and was also supported by a group of “undisclosed strategic investors,” which according to the company, include current and former executives from LVMH Moët Hennessy Louis Vuitton, Valentino, Balmain, Tod’s, Swarovski, L’Oréal, Barclays, Goldman Sachs and Scalepay.
Francesco Filia, chief executive officer at Fasanara Capital, said they were drawn to the company’s rapid growth rate since launching last summer and its “circular economy mission.”
“We [want] to support Twig’s vision in building the next fintech wave,” Filia added.
Since launching in July 2021, Twig said it has had up to 100,000 monthly downloads and was featured in the sixth position in Apple’s top finance apps. It has been setting itself apart by following a “personal finance model” instead of a traditional resale model, offering users the ability to receive instant payments when they list a pre-loved item from their wardrobes. The app also offers mobile banking benefits, including a Visa card that can facilitate both domestic and international transactions.
“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 Geri Cupi, the platform’s founder and chief executive officer. “We have spent a considerable time understanding both the [shopping] patterns and lifestyle needs of our core Gen Z and Millennial audiences and believe we can uniquely cater to their needs and to those of a wider international audience now.”
The company plans to use the money from the fund raise to spearhead its expansion plans across Europe and the U.S. throughout 2022, as well as introduce new products.