The acquisition is built off an existing partnership between Twig Group and Mobi Market
London-based fintech company Twig Group has announced the $10 million acquisition of UK-based mobile phone recommerce player Mobi Market.
Twig provides financial services powered by sustainable choices, while Mobi Market offers an environmentally friendly and easy way for consumers to sell pre-owned mobile phones.
The two companies have a pre-existing relationship, with the acquisition a progression to expand and offer another circular economy proposition.
This includes embedding the Twig Pay service, which advocates green circular payment solutions, allowing customers to use their pre-owned fashion and electronics items for instant cash.
“We chose to acquire Mobi Market and are strongly convinced by the proposition, bringing another layer of offering to our customers with a sustainable, conscious consumption approach,” said Twig CEO and founder Geri Cupi.
“Through this partnership, we will be expanding our reach in servicing a wider audience within the personal electronic sector, which is important for us in terms of business and impact.”
The firm is also looking to acquire more companies in the circular economy space this year.
Mobi Market co-founder and director Dominic Lovegrove says he and other founders Emeka Nwadike, Dean Ray and Oliver Tedcastle have 60 years of experience in the pre-owned consumer electronic space.
“The next steps for Mobi Market will be very exciting, and focused on UK and international growth,” said Lovegrove.
“Our strategy has always been to create and scale a trading platform centred around the pre-owned ecosystem to help service the demand end users have for pre- owned tech.
“Joining the Twig family will give us the capabilities needed to launch some exciting new propositions in 2022 that will increase value for those partners and end users.”