Twig Group, a London based fintech, announces the acquisition of Mobi Market, a premier UK based mobile phone recommerce player, in a deal worth over $10m.
Twig Group is the fastest growing European fintech, providing an array of financial services rooted in circular economy principles. Its suite of products include a mobile banking solution called Twig app, Twig Pay, which is a checkout and merchant based circular payment solution and For The Earth – a B2B impact sustainability solution.
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Mobi Market is one of Europe’s fastest growing value-added recommerce players of used mobile phones, offering a circularity based service, which enables users to quickly and easily resell their pre-owned mobile phones. In addition, Mobi Market has key relationships with Network Operators, Retailers and Insurance Companies to provide high quality pre-owned devices to a wide variety of customers.
Through the acquisition of Mobi Market, Twig Group will augment its ability to service its customer base with yet another circular economy proposition, further boosting its credentials with its core customer base consisting mainly of Gen Z and Millennials.
This includes embedding its Twig Pay service – a checkout feature promoting the greenest circular payments solution in the market, allowing customers to use their pre-owned fashion and electronics items, for instant trade in and to finance their new purchases.
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Geri Cupi, Twig’s founder and CEO comments: ‘’We are excited to welcome Mobi Market and its team into our Twig ecosystem. Mobi Market has proven itself a leader in the field, a testament to Dom’s, Emeka’s, Dean’s and Oliver’s work. We look forward to joining forces to bring another dimension to circular economy services and delighting our customers.”
Dominic Lovegrove, Mobi Market’s co-founder mentions: “Since its very inception in 2016, Mobi Market growth has been powered by the mission of establishing a credible and efficient ecosystem for used mobile phones, as a sustainable proposition for our customers. Today, as we enjoy one of the fastest growth trajectories in the sector, we are excited to partner with Twig and drive Mobi Market into its next chapter. We look forward to continuing our customer focus with improved capabilities thanks to our Twig partnership.”
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