Through this new partnership, Scalapay customers will be forwarded to Twig and will be able to get an instant valuation on their apparel and electronics and sell them to Twig with immediate payment. Twig then sends them a prepaid parcel in the mail so the customer can ship the product.
"We want to do our part and encourage our customers to think and act more sustainably," says Simone Mancini, Ceo, and Co-Founder of Scalapay. "If a customer can instantly resell something they have purchased like a dress or a bag then it supports them in buying better quality and even opting for sustainable brands whose products tend to hold their value more over time. This is central to what we are trying to achieve. By slowing down the payment we want to be for shopping what the slow-food movement is for cooking. Allowing instant resale furthers this.''
Creating greener shopping habits
Founded by Geri Cupi in 2020, Twig is a London, UK-based fintech, rooted in circular economy principles. Twig's central mission is to empower consumers to value, unlock, and enjoy the wealth they never knew they had. Users have instant cash access while deposing goods they no longer want- in addition to enjoying traditional banking service benefits (debit card, domestic and international bank transfers).
The company is offering Gen Z and younger millennial consumers an e-money account that gives them instant cash-outs on fashion and electronics they want to sell so that they can focus on building a sustainable lifestyle.
Geri Cupi, CEO and Founder of Twig, said: "We're incredibly excited to be working alongside a company like Scalapay. We've been growing faster than we ever dreamed (reaching 100,000+ monthly app downloads and the #6 spot on iOS' Top Finance category) – to collaborate with such a global and successful platform, and to offer/expose our customers to their similar values, services, and easily-implemented sustainable practices is a dream."
According to the recent white paper published by Twig, 'Almost 60% of Gen Z consumers consider the resale value already when purchasing new items and more than 30% fund new lifestyle goods by reselling old ones. We argue that industry actors need to build on these trends and propose a fundamental change in the concept of ownership through increasing re-circulation of goods'.
Encouraging customers to live more sustainably
Scalapay was founded in 2019 and reached unicorn status in February this year. The company is a payment solution for e-commerce merchants across the globe that allows customers to buy now and pay later, in three convenient pleasurable installments, without interest.
This partnership enables Scalapay's customers to live more sustainably by avoiding throwing away stuff. Selling a currently owned item to free up cash encourages consumers to splash out and buy more new things than they otherwise would if they had held onto the original item for longer. Essentially, circularity needs to work hand in hand with longevity if it's to shrink consumption and reduce CO2 emissions that the fashion industry is heavily responsible for.
Scalapay is joining forces with For The Earth by Twig, a B2B impact initiative helping businesses improve their sustainability practices. Tapping into Twig's plethora of sustainability resources as a B- Corp, focused on data, processes, and impact measurement, Scalapay commits to bringing its workforce to net-zero carbon emissions- in and outside of the workplace.