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London-based fintech startup, Twig, acquires Mobi Market for £8m

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As part of efforts to boost circular economy offering, two-year old fintech startup Twig has acquired mobile phone recommerce firm, Mobi Market.

The founder and CEO of Twig, Geri Cupi, on Friday, confirmed the development in a statement, noting that the deal was valued at $10m (£8m).

The acquisition followed the news of Twig’s recent raiser, a $35 million Series A round led by U.K.-based fintech specialist, Fasanara Capital, with additional backing from a number of undisclosed strategic investors.

Ripples Nigeria gathered that the startup offers e-money account that allows users sell pre-owned fashion items and electronics for instant cash, or “tokenise” them to buy cryptocurrency and NFTs.

The acquired company, Mobi Market was founded in 2016 by Dominic Lovegrove, Emeka Nwadike, Dean Ray and Oliver Tedcastle, to provide a range of smartphone reseller services.

Read also: Dubai launches $100m fund to support startups and lead job creation

Speaking on the development, Geri said:

“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.”

Reacting to the deal, Mobi Market co-founder Dominic Lovegrove said: “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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