TLDR:

– Circular economy fintech Twig is shutting down after failing to raise funding.

– Twig has entered creditors’ voluntary liquidation, owing £15.4 million.

– Twig failed to secure sufficient financing for the period ahead.

Circular economy fintech Twig shuts down

London-based ‘circular economy’ fintech Twig is closing down after failing to raise funding. The company has entered creditors’ voluntary liquidation, owing £15.4 million. Twig failed to secure sufficient financing for the period ahead after facing a challenging environment to complete the Series B fundraising. Twig was launched four years ago as a “bank of things” targeting Gen Z Brits, allowing them to trade unwanted items for cash. The company also offered banking services such as debit cards and bank transfers and emphasized its environmental credentials with footprint calculators and carbon offsetting tools. Twig’s closure follows the recent shutdowns of open banking player Kikapay and business app Paysme, both citing the macro-economic climate as a significant challenge.

Sources:

https://www.finextra.com/newsarticle/38886/circular-economy-fintech-twig-shuts-down