Twig - the fintech that’s on a mission to power the circular economy
by Startacus Admin
The lowdown on fintech startup Twig and its “Bank of Things” enabling users to turn their things into instant cash.
We have written recently about startups helping people to sell or rent their unwanted belongings rather than having them end up in a landfill - startups such as Young Planet and By Rotation, for example. It's clear they're doing their bit to address a huge problem.
In fact, in the last 15 years, €5.82 trillion worth of people's belongings have been simply disposed of, and in the UK alone, households throw away a total of over €14 billion worth of clothing. Much of this clothing, and much of the wider list of possessions, is still perfectly usable and could go to other people instead.
So perhaps what we are missing is an easy way for busy - or lazy - people to sell their stuff with the minimum of hassle and time diverted from their lives.
London-based fintech startup Twig has developed their disruptor bank for this purpose. Billed as a ‘bank of things’, Twig calls itself the next generation of banking, allowing not only a free, normal banking account and Visa debit card you’d tend to expect from a bank, but also a way of turning your things into instant money. It’s simple to use: all you need to do is upload a thing that you no longer want, receive a valuation via AI algorithm and an offer, and sell it for an immediate payout.
Twig is built on the goal of a circular economy and the environmental benefits that come with that. By extending the life of your possessions, you can reduce water, waste, and carbon footprints, immediately becoming a little greener and living a more sustainable lifestyle in one small change. The startup also offers a carbon offsetting subscription, allowing you to offset your carbon footprint further still.
Because of its commitment to sustainability and helping the environment, Twig hopes to join the B-Corp community, and has recently been named one of TechRound’s 2021 Top 50 Fintech companies, as well as one of Sifted’s European Fintech to Watch.
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Published on: 1st September 2021
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