Devonshires has advised twig card, a next-generation B Corp status bank that operates as a circular economy company at the intersection of personal banking and resale, on its acquisition of Mobi Market Limited, one of Europe’s fastest growing value-added resellers of used mobile phones.
Twig was founded in 2020 by Geri Gupi who is listed as Forbes’s ’30 under 30’ for his contribution to Retail and Ecommerce in 2020. Twig’s objective is to empower and enable consumers to unlock the value of their goods that they didn’t know they had. Twig does this by operating the UK’s fastest-growing fintech app which was launched in July 2021 that allows users to sell or trade-in their fashion clothing and electronics in exchange for instant cash, which can be used toward their next purchases. Earlier this year twig closed a $35m Series A round of financing with Fasanara Capital, a specialist fintech investor based in the UK. Twig now has plans to grow in the EU and US.
For twig, the acquisition of Mobi Market allows it to grow its business and control its ecosystem to streamline product offerings.
Devonshires Corporate Partner Helen Curtis led the Devonshires team with support from Associates Prasan Modasia and Chantelle Adadevoh; Katie Maguire advised on employment and the Devonshires team worked with Rawlinson & Hunter LLP on the financial and tax elements of the transaction.
Mike Sargeant, Chief Finance Officer at twig, commented: “I was very impressed with the entire Devonshires team’s execution capabilities and level of care. I have no hesitation in recommending Helen and Prasan for acquisitions”.
Helen Curtis commented: “We are thrilled to help grow the twig infrastructure and see this innovative fintech app expand. We are excited to be on this journey with twig and really enjoyed working with them”.
Prasan Modasia commented: “We are so delighted to have enabled the completion of this acquisition in under six weeks. The journey with Mike and Thomas has been second to none and we hope to have given twig the taste and confidence to go out and acquire again”.