London-based fintech Twig has continued on the acquisition trail with a deal to buy French challenger bank Vybe, a provider of banking services for teenagers.
The deal follows Twig’s recent acquisitions of UK businesses Loopster, an online secondhand clothes retailer, and Mobi.market, as it seeks to become the “go-to platform for the Gen Z market”.
Twig, which launched in 2020, as well as offering traditional banking services, such as a debit cards, and domestic and international bank transfers, is focused on “circular economy principles”, with users offered instant access to cash when depositing goods they no longer want.
To date, the fintech has secured $40 million in funding and is one of the fastest-growing fintechs in Europe, accounting for one million users as of October 2022, only 15 months after its inception.
Geri Cupi, founder and CEO of Twig, said: “With technology Vybe team built, we are able to offer our users a more comprehensive suite of services, including teen banking and financial literacy education.
“This will help us better serve the Gen Z audience and provide them with the tools they need to be successful in their financial lives.”
The terms of the deal were not disclosed.