Twig acquires teen banking company Vybe Technologies to serve Gen Z market
Twig has acquired Vybe Technologies, a teen banking services provider in the UK, in a move to increase its market reach.
The financial terms of the deal were not revealed by the London-based, new-generation fintech company.
The latest transaction comes close on the heels of the acquisitions of UK businesses Loopster and Mobi.market.
The acquisition of Vybe Technologies is expected to add to Twig’s portfolio and strengthen the latter’s commitment to become the go-to platform for the Gen Z market.
Geri Cupi — Twig Founder and CEO 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 technology 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.”
Twig supports the circular economy and has raised over $40 million since its inception in 2020.
In January 2022, Twig raised $35 million in a Series A round led by the UK-based asset management company Fasanara Capital.
Twig used the proceeds from the Series A round to fast tract its Web 3.0 green payment infrastructure delivery and its existing financial products suite rollout.
As of October 2022, Twig had one million users, just 15 months after its launch.