London-based FinTech Twig announced a $35 million round of financing on Tuesday (Jan. 11).
The company said the investment will be used to expand in the European Union and the U.S. and boost its suite of financial products. In addition, the funds will help the company accelerate its delivery of the Web 3.0 green payment infrastructure. Web 3.0 has been defined as a machine-readable web that promises more personalized service to users.
Twig said the Series A investment round was led by the Fasanara Capital, the London-based independent, owner-managed alternative asset management company. In addition, a group of current and former executives from LVMH, Valentino, Balmain, Tod’s, Swarovski, L’Oréal, Barclays, Goldman Sachs and Scalapay, participated in the round.
“We are very excited to lead the Web 3.0 green payment ecosystem and further push boundaries in fintech innovation,” said Geri Cupi, founder and CEO, in a statement. “Our mission is to empower our consumers to make conscious choices around sustainability, and simultaneously release wealth in an instant and seamless way, fit for 2022 digitally savvy users.”
Twig calls itself the fastest growing FinTech app in the United Kingdom since its launch six months ago, growing at a rate of more than 100,000 monthly downloads and putting in the Top 10 in the App Store’s finance apps.
Emmalyn Shaw, managing partner at Flourish Capital, the London-based $500 million global venture fund that focuses on financial services startups that drive financial health, said digital-first companies can give individuals and families the tools they need to break that cycle.
Digital challengers are particularly suited to the task, Shaw said, because they’re adept at providing affordable access to financial services to consumers who haven’t been served well by traditional financial institutions in the past.
Read more: For FinTechs, Outcomes ‘The One Thing’ to Focus on in 2022
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