Param acquires Czech Twisto to accelerate the European expansion
Turkish fintech Param has acquired BNPL provider Twisto, aiming to expand across Europe with an initial focus on the UK, German, Dutch, Czech and Polish markets. The amount of the deal was undisclosed.
- Prague-based Twisto was founded in 2013 and offers online payment solutions across CEE. Twisto Pay is available as an online payment option and as a Twisto account. Online payments allow customers to make online purchases and pay within 14 days with no extra fee. Twisto account gives customers 45 days to make payment with a higher credit limit.
- Twisto also allows customers to pay invoices and money orders by e-mail or photo from within the app. The startup claims that it has 600,000 customers.
“In Param, we have found a partner that has proven time and time again the strength of its business model, and thirst for payments innovation. We believe that with this know-how, Param will make a significant contribution to the further sustainable growth of Twisto, as we get closer to achieving profitability. In the meantime, we will continue to look for new quality growth opportunities in our region and Europe with the certainty of support from Param,”Michal Smida, the CEO of Twisto commented.
- Param delivers many financial solutions: advanced payment products, open banking, customer loyalty programs, and its own BNPL service, Kredim. The combined expertise of Param and Twisto caters to over 85,000 merchants.
- Param is backed by leading international private equity firms and funds including the European Bank for Reconstruction and Development, CEECAT, Alpha Associates, and RevoCapital. Among its partners are such brands as Shell, Michelin, Getir, Panasonic, Burger King, and IKEA.
- The acquisition will enable Param to expand its footprint in the Czech Republic, Poland, Germany, and the Netherlands. Twisto intends to broaden its product suite, integrating embedded finance solutions, payments, prepaid cards, digital wallets, BNPL, SME lending, and loyalty programs.