Turkey-based fintech Param is expanding its presence in the European market by acquiring Twisto, a buy now, pay later (BNPL) provider in the Central and Eastern European (CEE), from Zip Co.
The financial terms of the deal were not revealed.
Through the acquisition of Twisto, Param is set to bring its technology and integrated embedded finance products as well as services to Europe.
Besides, the deal is expected to strengthen the company’s future by providing it with financial stability and growth opportunities.
Based in the Czech Republic, Twisto is claimed to have processed more than 33 million transactions with a total transaction value (TTV) of €845m since its inception.
The deal is expected to support Twisto to extend its product suite, integrating embedded finance solutions, digital wallets, BNPL, payments, prepaid cards, SME lending, and loyalty programmes.
Twisto CEO Michal Šmída said: “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.”
Founded in 2014, Param is an electronic money institution.
Param is backed by international private equity firms and funds including the European Bank for Reconstruction and Development (EBRD), Alpha Associates, CEECAT, and RevoCapital.
Through the European licences of Twisto, the Turkish firm expects to offer its variety of embedded finance solutions across the market. Param will focus initially on the UK, Germany, the Netherlands, Czech Republic, and Poland.
Param founder and CEO Emin Can Yılmaz said: “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.”
