- UK circular economy fintech Twig, which secured $35 million in a Series A financing round two years ago, is entering liquidation.
- Insolve Plus professionals Anthony Hyams and Kelly Knight were appointed to liquidate Twig and its subsidiary, Mobi Market, on January 23.
- The liquidation is described as “wound up voluntarily,” with approximately £15.4 million owed to creditors.
- Twig, originally founded as Diem Group in 2020, introduced its circular economy platform in 2021, acting as a “bank of things” allowing users to sell unwanted items through its app for cash.
- The fintech also provided carbon-offsetting subscription services and a co-branded Visa debit card for money transfers and in-store transactions.
- Following its 2022 Series A funding, Twig aimed to diversify by entering the Web 3.0 green payment infrastructure and acquired Vybe Technologies and Loopster in the process.
- Despite these efforts, Twig’s liquidation marks the end of its journey, joining other UK fintechs like Paysme and Kikapay that have recently wound down operations.
Twig enters liquidation, becoming latest UK fintech to shut down
