Scalapay has formed a partnership with circular economy fintech Twig to enable customers to resell products they have purchased via the buy now, pay later provider, and get paid upfront by Twig.
Under the 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.
In January, Twig raised $35m from a group of investors led by UK-based fintech specialist Fasanara Capital with support from executives from LVMH, Valentino, Balmain, Tod’s, Swarovski, L’Oréal, Barclays, Goldman Sachs and Scalapay.
Simone Mancini, Ceo, and co-founder of Scalapay, says: "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. By slowing down the payment we want to be for shopping what the slow-food movement is for cooking. Allowing instant resale furthers this."
Twig is also preparing to add a crypto lure to its offering. Due to launch with its first partners in the second half of this year, Twig’s platform will enable digital and physical items to be traded by users, either for cash or in exchange for digital assets such as cryptocurrencies and non-fungible tokens (NFTs).