FinTech: Circular Economy-Focused Twig Buys Loopster, A Marketplace For Pre-Loved Clothing

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London-based Twig offers cash for used fashion or electronics, and provides a carbon offsetting service in addition to banking services.

London-based fintech Twig describes itself as “the next generation banking, powering the circular economy,” that enables you “to turn your things into cash, instantly.” In a strategic move designed to broaden its offerings, the company announced Friday its acquisition of Loopster, a marketplace that pays upfront for clean, unwanted clothes. Like Twig, Loopster encourages customers to join the circular economy and close the loop between use and reuse of clothes. (BusinessWire)

Though the value of the transaction was not disclosed, Twig said it will incorporate Loopster into its business and will be able to offer its customers the next generation of circular services.

“Together, with our circular economy focus and joint expertise in the market, we are excited to deliver the next generation of resale; one that is green and furthermore combines with banking and personal finance seamlessly,” said Geri Cupi, Founder and CEO, Twig.

Jane Fellner, Founder of Loopster said the two companies could contribute together to a joint vision of reimagining resale and wealth in one solution.

Banking tied to the circular economy and the enviroment

Twig also offers a free banking account that customers can use to send and receive payments online; a free Twig Visa Debit card to be used for online or in-store purchases; and the Twig App to track and manage cash.

With the Twig Carbon Offsetting Subscription, a customer can can now offset their carbon footprint, making it easier and empowering the adoption of a more sustainable lifestyle.

“In line with our commitment to sustainability, we offset all the carbon emitted as a business and have acquired the Pending B Corp status,” the fintech says on its website.

Related Story: Vinted, The Marketplace For Previously Owned Clothing, Raises $303M

Image Credit: Loopster Facebook

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