- 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.
