Param expands European footprint with acquisition of Czech firm Twisto - Business Leader News

Param expands European footprint with acquisition of Czech firm Twisto

(L-R) Emin Can Yilmaz, CEO of Param & Michal Smida, CEO of Twisto

Param, Turkey’s biggest FinTech, is entering the European market with the acquisition of CEE Buy Now, Pay Later (BNPL) provider Twisto.

Setting the scene for wider global expansion, Param is introducing its technology and integrated embedded finance products and services to Europe.

One of the first Czech FinTechs, Twisto was acquired from previous proprietor Zip Co for an undisclosed sum. The transaction reinforces the company’s future, providing it with financial resilience and opportunities for growth as it aims for profitability in 2023.

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.

Param is backed by leading international private equity firms and funds including the European Bank for Reconstruction and Development (EBRD), CEECAT, Alpha Associates and RevoCapital. The company offers a wide range of embedded finance solutions to SMEs and large corporations. This includes sophisticated 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.

    Combined, Param and Twisto serve 85,000+ merchants. Param is the preferred payment partner of major brands in Turkey, such as Shell, Michelin, Getir, Panasonic, Burger King, IKEA and others. Meanwhile, Twisto’s customers include international brands including Answear, Allegro, KFC and Pizza Hut.

    The acquisition will not impact Twisto’s operations, existing partnerships, or management team. The focus will be on providing more enhanced products and services to clients, merchants and partners, and exploring new synergies with Param customers.

    Emin Can Yılmaz, Founder and CEO of Param, said: “Europe is a core focus for us as we continue our bold, yet healthy and sustainable, expansion strategy. Our proven business model and innovative solutions have already set a gold standard, and we are excited to introduce our technology and embedded finance solutions to eight European markets.

    “Not only does the acquisition give us the opportunity to expand our position in the FinTech ecosystem, but it also represents a meeting of minds. Twisto already claims the #1 position in Buy Now Pay Later (BNPL) services in Czechia with a strong, recognisable, and top-of-mind brand awareness.

    “Twisto puts consumers at the core of its business and continuously innovates to deliver reliable and value-adding products to its customers. There is a significant overlap between Twisto’s business model, the Founders’ vision and the Group.”

    “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,” Twisto CEO Michal Šmída commented.