Twig acquires banking services provider Vybe
UK-based circular economy fintech Twig is set to acquire Vybe Technologies, provider of teenage banking services, for an undisclosed sum.
With the acquisition, Twig plans on expanding its market reach, after recently acquiring UK-based companies Loopster and Mobi.market, as it aims to tap the Gen Z market.
Founded in 2020 and based in London, Twig allows users to gain “instant” cash access by depositing goods they no longer want, as well as provide traditional banking services such as a debit card and international bank transfers.
Through its platform, Twig claims to support the growth of the circular economy, helping people make more environmentally conscious choices.
Twig claims to be the fastest growing fintech in Europe, with one million users as of October 2022 gained in the 15 months since launch.
“With technology the Vybe team built, we are able to offer our users a more comprehensive suite of services, including teen banking and financial literacy education,” says Geri Cupi, CEO of Twig.
“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.”
In January 2022, Twig raised $35 million in a Series A funding round.