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

https://dailyalts.com/wp-content/uploads/2021/12/242393912_1686744191668681_3612683307476777080_n.jpg

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

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/01/Bink-app-shot.png
FinTech: Lloyds To Acquire Stake In Loyalty App Bink
January 4, 2022     FinTech, News

Lloyds Banking Group (LON: LLOY), Britain’s biggest mortgage provider, will acquire a minority stake in loyalty app Bink, according to a report by Sky News for an undisclosed amount that…

https://dailyalts.com/wp-content/uploads/2022/01/Screenshot-2022-01-04-at-22-29-49-Screenshot-Pawson-2.png
Digital Assets: Coinbase CEO Armstrong Said To Have Splurged $133M On Home In LA
January 4, 2022     Digital Assets, News, Real Estate

An iconic property in Bel Air, Los Angeles, designed by internationally acclaimed English architect John Pawson changed hands last month for $133 million and the buyer was Coinbase (NASDAQ: COIN)…

https://dailyalts.com/wp-content/uploads/2022/01/47752022922_e4569a2f0e_c.jpg
Alternative Investments/ESG: VegTech Invest Launches Plant-Based Innovation & Climate ETF

VegTech Invest advisory has launched the VegTech Plant-based Innovation & Climate ETF (Ticker: EATV), its first financial product. The ETF offers exposure to publicly traded companies actively innovating with plants…

https://dailyalts.com/wp-content/uploads/2022/01/Screenshot-2022-01-04-at-18-48-26-超·世界.png
Venture Capital: Chinese AI Startup Parametrix Raises $100M, Turns Unicorn
January 4, 2022     Artificial Intelligence, News, Venture Capital

Chinese AI company Parametrix.ai has raised $100 million in a Series B round led by Sequoia China and joined by existing investors 5Y Capital and Gaorong Capital. Though the valuation…