Aiming to become “the go-to platform for Gen Z,” circular economy FinTech Twig has bought Vybe.
In a press release issued on Thursday (Dec. 22), the London-based FinTech business established on circular economy principles stated that its purchase of the supplier of teen banking services continues its expansion, which includes recent acquisitions of Loopster and Mobi.market in the United Kingdom.
“With the technology Vybe built, we are able to offer our consumers a more complete range of services, such as teen banking and financial literacy education,” Twig CEO Geri Cupi said in a statement. “As a consequence of this, we will be able to better serve the Gen Z audience and provide them with the tools they need to be successful in their financial lives.”
Twig had one million users as of Oct. 22, 2015, 15 months after its inception. According to the press release, the firm has garnered $40 million in funding and has become the number one FinTech app in Italy, the number two app in the United Kingdom, and one of the top apps in the United States.
Twig plans to continue expanding its reach and impact on the Gen Z market with the recent acquisitions, according to the announcement.
“We are happy to be moving forward and are certain that it will enable us to reach even more clients,” Cupi said in a statement.
Twig raised $35 million in a Series A round 11 months ago, which prompted this recent acquisition.
Cupi claimed in a June interview that the desire among younger purchasers for sustainable, eco-friendly products and services is causing a “tectonic” shift in how merchants operate, with many introducing circular payment methods that are gentler on the environment.
“When our consumers cash out items, they commonly use some of this earnings to purchase other experiences or pay for schooling,” Cupi noted.
