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.