Czech Republic-based FinTech Twisto said to raise €16m in funding

Czech Republic-based cashflow management platform Twisto has reportedly collected €16m in new funding.

The round was led by Zip Cp. and Elevator Ventures, according to a report from Crunchbase.

With this equity burst, the company hopes to continue the expansion across Europe. Its services are currently available in Czech Republic and Poland, with it set to launch in Romania.

Twisto is a mobile-based payment app that enables users to make online payments through a single click, complete bill payments and invoices by taking a photo on the app, and making payments through a card, Apple Pay or wearable.

The app also enables users to buy now, pay later services, with the ability to defer payments over monthly instalments.

Last year, Societe Generale Assurances made a CZK 30m (€1.1m) investment into Czech-based digital life insurance platform Mutumutu. The company offers a mobile app where consumers can take out life insurance, which cover incapacity to work, disability or death.

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