Liquidation takes Twig down, another UK fintech bites the dust.

TLDR:

• UK-based fintech Twig has entered liquidation, just two years after securing $35 million in a Series A financing round.
• Twig owed approximately £15.4 million to its creditors, according to its latest Companies House filings.
• The company, formerly known as Diem Group, offered a circular economy offering through its app, which allowed users to sell their unwanted belongings for cash.
• Twig had sought to diversify its offering with a venture into Web 3.0 green payment infrastructure and acquired Vybe Technologies and Loopster last year.

UK fintech Twig has entered liquidation, marking the latest closure of a fintech company in the country. The company, formerly known as Diem Group, secured $35 million in a Series A financing round just two years ago. However, according to its latest Companies House filings, Twig is now being “wound up voluntarily” and reportedly owes approximately £15.4 million to its creditors. The London-based company offered a circular economy platform that allowed users to sell their unwanted belongings for cash. It also provided a carbon offsetting subscription service and a co-branded debit card with Visa. Twig had sought to diversify its offering with a venture into Web 3.0 green payment infrastructure and acquired Vybe Technologies and Loopster in 2023. However, these efforts were not enough to save the company. Twig’s closure follows the recent shutdowns of fellow UK fintechs Paysme and Kikapay.