London-based fintech Twig has acquired the French startup Vybe as it looks to expand its services and target the Gen Z market.
The French neobank was founded in 2019 with the goal of providing digital banking services to Gen Z users. Vybe provides the typical offerings of a challenger bank, such as money transfers and contactless mobile payments.
The brand’s USP, however, is its specific catering to teenage users. Those under 18 are free to open an account, provided they are approved by a parent or guardian.
“We are so excited to be taking this step forward and are confident that it will help us expand our reach to even more customers,” said Twig CEO Geri Cupi.
“With technology the Vybe team built, we are able to offer our users a more comprehensive suite of services, including teen banking and financial literacy education. This will help us better serve the Gen Z audience and provide them with the tools they need to be successful in their financial lives.”
A Twig spokesperson told UKTN that it has only acquired the assets of Vybe and that no members of the Vybe staff have been brought on.
The purchase of the youth-oriented fintech is in line with Twig’s plan for rapid growth, which also saw it acquire Loopster and Mobi Market in 2021 and 2022, respectively.
Twig raised £26m back in January 2022 in its Series A funding round.