Twig enters liquidation, becoming latest UK fintech to shut down
UK-based circular economy fintech Twig has entered liquidation and is being wound down, just two years after securing $35 million in a Series A financing round.
UK fintech Twig goes into liquidation
According to its latest Companies House filings, Anthony Hyams and Kelly Knight of Insolve Plus were installed on 23 January to liquidate the fintech and its subsidiary, the mobile phone reselling platform Mobi Market.
The filings show that the fintech is being “wound up voluntarily” and owes approximately £15.4 million to its creditors.
The move brings Twig’s story to an end less than four years after the company was originally founded in 2020 as Diem Group.
Based in London, Twig’s circular economy offering was first launched in 2021. Describing itself as a “bank of things”, the fintech provided a platform that enabled customers to sell their unwanted belongings through its app for cash.
It also offered a carbon offsetting subscription service and a co-branded debit card with Visa, enabling customers to send and receive money transfers as well as complete transactions in store.
After its Series A round in 2022, the fintech had sought to further diversity its offering with a venture into Web 3.0 green payment infrastructure. The company also acquired Vybe Technologies, a provider of teenage banking services, and Loopster last year.
However, not even these efforts appear to have been enough to save the fintech. It joins fellow UK fintechs Paysme and Kikapay, who have both also wound down operations in recent weeks.
