Circular Economy FinTech Twig acquires Vybe
Aiming to become the “go-to platform for Gen Z,” circular economy FinTech Twig has acquired Vybe.
The London-based FinTech company rooted in circular economy principles said in a Thursday (December 22) press release that the acquisition of the teen banking services provider continues its expansion that includes the latest buy by British companies Loopster and Mobi.market.
“With technology that the Vybe team has built, we are able to offer our users a more comprehensive suite of services, including teen banking and financial literacy education,” Twig CEO Geri Cupi said in the release. “This will help us better serve the Gen Z audience, giving them the tools they need to succeed in their financial lives.”
Twig offers users instant cash access when they deposit items they no longer want, in addition to offering a debit card, domestic and international wire transfers and other traditional banking services, according to the press release.
As of October 22, 15 months after launch, Twig has 1 million users. The firm has raised $40 million and has become the No. 1 FinTech app in Italy, the No. 2 app in the UK and one of the top apps in the US, the press release said.
With the recent acquisitions, Twig aims to continue to expand its reach and make an impact on the Gen Z market, according to the release.
“We are so excited to take this step forward and are confident it will help us expand our reach to even more customers,” Cupi said in the release.
The latest acquisition comes about 11 months after Twig raised $35 million in one Series A round.
When announcing that funding round, the company said on January 11 that the investment would be used to expand in the EU and the US and increase its suite of financial products.
In an interview with PYMNTS published in June, Cupi said that young buyers’ desire for sustainable, eco-friendly products and services is driving a “tectonic” shift in how sellers behave, as many have added circular payment solutions which is kinder and gentler on the environment.
“After our users redeem products, they often use some of that revenue to buy more experiences or pay for education, and it doesn’t get more circular than letting consumers buy new experiences or items using their old items instead of cash,” Cupi said.
How consumers pay online with stored credentials
Convenience prompts some consumers to store their payment information with merchants, while security concerns give other customers pause. For “How We Pay Digitally: Stored Credentials Edition,” a collaboration with Amazon Web Services, PYMNTS surveyed 2,102 U.S. consumers to analyze the consumer dilemma and reveal how merchants can win over holdouts.
