London-based fintech scale-up Twig has raised $35 million in a Series A funding round, with the aim to accelerate delivery of its Web 3.0 green payment infrastructure.
The proceeds will also be used to fund Twig’s expansion plans in the US and EU this year.
Fasanara Capital led the Series A round, supported by undisclosed strategic investors, a group composed of current and former executives from LVMH, Valentino, Balmain, Tod’s, Swarovski, L’Oréal, Barclays, Goldman Sachs and Scalapay.
Twig users can sell or trade-in their clothing and electronics in exchange for instant cash, which they use towards their next purchases.
Following the rollout of its Web 3.0 green payment infrastructure, Twig will enable digital and physical items to be monetised and traded in new ways, such that users will be able to trade-in goods at the checkout page and buy cryptocurrencies, as well as non-fungible tokens (NFTs).
Twig founder and CEO Geri Cupi said: “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.
“We have spent considerable time understanding both consumer patterns and lifestyle needs of Gen Z and core millennial audiences and believe we can uniquely cater to their needs and to a wider audience, now internationally. We are thrilled to be able to extend our product offering and be available in both the US and EU this year.”
Since its launch in July 2021, Twig has grown at a rate of more than 100,000 monthly downloads.
Francesco Filia, CEO of Fasanara Capital, added: “Fasanara Capital is pleased to be a part of Twig’s next chapter and lead the Series A investment round, in recognition of the company’s incredible growth achieved in such a short period of time.”
To find out more about the emergence of NFTs, listen to Applied Blockchain’s Adi Ben-Ari on the Open Banking Expo Unplugged podcast.