Param, a Turkish FinTech company, acquired Czech BNPL provider Twisto.
The amount of the deal was not disclosed.
The acquisition will enable Param to expand its footprint across Europe. Initial focus will by on the UK, Germany, Netherlands, Czech Republic and Poland. Twisto’s European licences will empower Param to offer its wide range of embedded finance solutions across the market. The acquisition will not impact Twisto’s operations, existing partnerships, or management team.
An FCA-approved electronic money institution, ParamUK currently allows customers to make international and domestic transfers in the UK. The acquisition will enable it to expand its footprint across Europe, starting with Twisto’s core markets – Czech Republic and Poland – as well as Germany and the Netherlands as the next new markets.
One of the first Czech FinTechs, Twisto was acquired from previous proprietor Zip Co for an undisclosed sum.
Backed by international private equity firms and funds including the European Bank for Reconstruction and Development (EBRD), CEECAT, Alpha Associates and RevoCapital, and led by Emin Can Yılmaz, Founder and CEO, Param offers a wide range of embedded finance solutions to SMEs and large corporations. This includes online and offline payment solutions, open banking, customer loyalty, wallet services, prepaid cards, collections and its own BNPL service and SME lending business called Kredim. Its consumer-focussed digital solutions provide user-friendly, secure, and seamless payment experiences. Param is the preferred payment partner of major brands in Turkey, such as Shell, Michelin, Getir, Panasonic, Burger King, IKEA and others.
Led by CEO Michal Šmída, Twisto provides a smart solution for payments and shopping. With Twisto Pay, people can defer the payment for their online shopping for 30 days, without registration and for free. Registered users have the possibility to pay with virtual or physical Twisto cards (run by Mastercard), pay with their smartphones through Apple Pay or Google Pay, settle their invoices by taking a picture with Twisto Snap or to split a bill between friends with Twisto Split. Customers include international brands including Answear, Allegro, KFC and Pizza Hut.
Combined, Param and Twisto serve 85,000+ merchants.
FinSMEs
17/08/2023