London-headquartered next-generation FinTech and banking app Twig Group acquired secondhand clothing marketplace Loopster for an undisclosed amount.
Twig Founder and CEO Geri Cupi said in a press release on Friday (Dec. 10) that together, Loopster and Twig will “deliver the next generation of resale” that is not only green but optimally “combines with banking and personal finance.”
Twig enables its users to trade their fashion or electronic items for instant cash. Loopster, the U.K.’s first managed marketplace, pays users upfront for unwanted fashion and offers a streamlined approach to buying and selling secondhand clothing.
See also: Luxury Resale Is Booming, But Some Luxury Brands Fear Cannibalization
Powered by the circular economy, Loopster will be incorporated into Twig and its services will be fine-tuned and boosted to better serve its users.
Jane Fellner, founder of Loopster, said that by teaming up, the two firms can work together to accomplish their joint vision of “reimagining resale and wealth in one solution” and bring users “innovative solutions.”
Twig is rooted in circular economy principles and is on a mission is to empower consumers to value, unlock and enjoy the wealth that they never knew they had by gaining instant cash access while relinquishing fashion or electronic items they no longer need or want.
Read more: Luxury Brands Rush to Own the Resale Experience
Traditional banking service benefits — debit cards, domestic and international bank transfers — are also offered by Twig, which as a company is committed to its impact on the environment.
Managed marketplace Loopster sells top-quality secondhand clothing for women and children that is hand-checked for quality.
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