Twig acquires Loopster in the clothing market

London-based next-generation FinTech and banking app Twig Group has acquired second-hand clothing marketplace Loopster for an undisclosed amount.

Twig Founder and CEO Geri Cupi said in a press release on Friday (December 10) that together Loopster and Twig will “deliver the next generation of resale” that is not only green, but that “combines optimally with banking and personal finance “.

Twig allows its users to exchange their fashion or electronic items for instant cash. Loopster, the UK’s # 1 Managed Marketplace, pays users up front for junk fashion and offers a streamlined approach to buying and selling second-hand clothing.

See also: Luxury resale is booming, but some luxury brands fear cannibalization

Powered by the circular economy, Loopster will be integrated into Twig and its services will be refined and strengthened to better serve its users.

Jane Fellner, founder of Loopster, said that by teaming up, the two companies can work together to achieve their shared vision of “reimagining resale and wealth in one solution” and providing users with “innovative solutions”.

Twig is rooted in the principles of the circular economy and its mission is to empower consumers to assess, unlock and enjoy wealth they never imagined by gaining instant access to cash while by giving up on fashion or electronic items that they no longer need or want.

Read more: Luxury brands rush to own the resale experience

The benefits of traditional banking services – debit cards, domestic and international bank transfers – are also offered by Twig, which as a company is committed to impacting the environment.

The managed marketplace Loopster sells top quality second-hand clothing for women and children, the quality of which is checked by hand.

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