Turkey’s FinTech giant, Param, acquires Czech’s BNPL leader Twisto

Turkey’s FinTech giant, Param, acquires Czech’s BNPL leader Twisto

Param, positioned as Turkey’s top FinTech firm, has successfully acquired Twisto, a forerunner in the Czech Buy Now, Pay Later (BNPL) sector, setting its sights on broadening its European horizon.

The strategic acquisition stems from Param’s ambition to introduce its extensive range of embedded finance solutions throughout Europe, leveraging Twisto’s established European licenses. While the transaction’s exact monetary value remains undisclosed, this move signifies Param’s broader global aspirations and its intent to establish a stronghold in Europe’s vibrant FinTech landscape.

Param, renowned as Turkey’s largest FinTech entity, is an FCA-approved electronic money institution under the alias “ParamUK”. It primarily caters to international and domestic transfers within the UK. Param’s diverse offerings range from online and offline payment solutions, open banking, customer loyalty, wallet services to its BNPL service known as Kredim.

Contrastingly, Twisto, a pioneer among Czech FinTechs, has carved its niche in the BNPL segment, having been acquired from its preceding owner, Zip Co. Twisto’s trajectory has been defined by its continuous efforts to innovate, ensuring its consumers remain at the heart of its operations.

By merging forces, Param and Twisto boast a collective service to over 85,000 merchants, including noteworthy partnerships with global giants like Shell, Panasonic, IKEA, KFC, and Pizza Hut. Importantly, Twisto’s operational structure, existing collaborations, or managerial hierarchy will remain unaffected by this acquisition. Instead, the emphasis will be on augmenting the quality of products and services and unearthing novel synergies between Twisto and Param’s clientele.

Twisto and Param’s synergy isn’t merely transactional. Both companies have consistently demonstrated their penchant for pioneering innovations in their respective markets. While Param introduced Turkey to the BNPL concept, Twisto mirrored similar efforts in the Czech Republic, further diversifying its product suite to address evolving consumer needs. Driven by their aligned visions, the companies aim to tailor their offerings, catering to a myriad of industry requirements.

Param Founder and CEO, Emin Can Yılmaz, 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.”

Twisto CEO Michal Šmída commented: “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.”

Keep up with all the latest FinTech news here

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.