A leading UK provider of teen banking services, Vybe Technology, has been acquired by FinTech Twig. As Twig aspires to become the go-to platform for the Gen Z market, this new development follows the recently completed acquisitions of UK companies Loopster and Mobi.market.
Twig CEO, Geri Cupi said, “We are so excited to be taking this step forward and are confident that it will help us expand our reach to even more customers. With the technology the Vybe team built, we are able to offer our users a more comprehensive suite of services, including teen banking and financial literacy education. This will help us better serve the Gen Z audience and provide them with the tools they need to be successful in their financial lives.”
According to Twig, the company’s decision to add Vybe to its portfolio further demonstrates its dedication to being a “leader” in the Gen Z market. A Series A round of $35 million was raised by Twig about 11 months prior to the most recent acquisition.
The investment aided the business in accelerating the rollout of its current lineup of financial products as well as the delivery of its Web 3.0 green payment infrastructure. With the help of undisclosed strategic investors, including current and former executives from LVMH, Valentino, Balmain, Tod’s, Swarovski, L’Oréal, Barclays, Goldman Sachs, and Scalapay, the Series A was led by the UK-based FinTech specialist Fasanara Capital.
Twig asserts to be one of Europe’s FinTechs with one million users as of October 2022, just 15 months after launch, making it one of the fastest-growing in the continent. The company is concentrating on circular economy principles in order to have a long-lasting impact on the market and offer its customers the best goods and services.