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Circular economy fintech Twig shuts down

Circular economy fintech Twig shuts down

Twig, a London-based 'circular economy' fintech is closing down after failing to raise funding.

As first reported by UKTN, Twig has entered creditors' voluntary liquidation, owing £15.4 million.

The company failed to raise funds in a Series B after securing $35 million for its 2022 Series A from a group of investors led by UK-based fintech specialist Fasanara Capital.

CEO Geri Cupi told UKTN: "In common with the rest of the startup market in 2023 we faced a challenging environment to complete the series B fundraising and ultimately we were unable to secure sufficient financing for the period ahead."

Launched just four years ago, Twig, was a self-styled “bank of things" targeting Gen Z Brits, letting them trade unwanted items, such as electronics and clothes, for cash.

It also offered banking service benefits such as a debit card and domestic and international bank transfers and stressed its environmental credentials, with a footprint calculator, tree planting and carbon offsetting tools.

It is the third UK fintech to shut up shop in a matter of days, following in the footsteps of open banking player Kikapay and business app Paysme, which both cited the tough macro-economic climate.

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