Param, one of the leading fintech companies in Turkiye, has taken another important step in line with its growth strategy abroad and acquired Twisto, which is shown as one of the fastest-growing fintech companies in Europe.
Param, one of the leading fintech companies in Turkiye, which has attracted attention with its investments and acquisitions recently, has incorporated Twisto, the fastest growing fintech based in Czechia, which is also in the same field in Europe.
Twisto was acquired by Zip for $89 million in 2021. Today, Param bought Twisto from Zip. No financial information about the purchase was shared. To our knowledge, if Twisto has achieved rapid growth, we estimate this acquisition to be worth at least more than $89 million.
Param, which will reach 27 European Union (EU) countries with the purchase of Twisto, which has the license of the European Payment Institution that provides payment services in all EU member states, is becoming an important player in Europe, the world’s second-largest e-commerce market with an annual volume of $1.1 trillion.
“Buy Now, Pay Later” digital loan model
Twisto, one of Europe’s leading “Buy Now Pay Later” platforms, was founded in 2013. Twisto, the first fintech to launch the “Buy Now, Pay Later” digital loan model in the Czech Republic, has also been serving the Polish market since 2018.
Offering smart solutions for payments and shopping, Twisto makes life easier for its users with features such as making payments with virtual cards and wallets, receiving payments with smartphones for companies, paying in installments and paying bills. Twisto’s virtual cards have short and long-term installment options, account-based credit lines, Apple Pay and Google Pay integrations.
The brand, which took very rapid steps towards growth by developing innovative products in the field of fintech, was purchased by Australia-based Zip in 2021 for $89 million. By deciding to purchase Twisto from Zip, Param signed one of the remarkable investments of 2023.
Twisto exhibits strong growth performance with more than 1 million customers, a total transaction volume of €845 million and over 9,000 business partners. Important brands in Europe such as Answear, Allegro, KFC and Pizza Hut are trading on the platform.
Twisto also makes a difference with its security technologies. The in-house credit and fraud scoring engine called “Nikita” can analyze more than 500 factors in milliseconds.
“Twisto will empower us to compete in new markets”
Param’s founder and CEO, Emin Can Yilmaz, said about the investment in Twisto:
“Our decision to acquire Twisto is one of the most important indicators of the importance and priority we attach to our growth strategy in Europe. While our purchasing strategy is an important part of our rapid growth targets, we are selective and invest in companies with which we can act with the same vision. Twisto, one of Europe’s leading fintechs, is also a strong companion Param can walk alongside. We believe that Twisto, which is impressed by its success, products, expert human resources and potential, will strengthen us in new markets and competition. Most importantly, thanks to Twisto, we are in a position to touch millions of new customers and tens of thousands of business partners in Europe. We are ready to make a difference for everyone, everywhere, with our deep-rooted experience and the cutting-edge financial technologies we have developed. We will continue to share exciting developments in the coming period as well.”
Source: Egirisim / Prepared by Irem Yildiz