Turkish fintech Param acquires BNPL firm Twisto to boost European expansion
Param, which claims to be one of Turkey’s largest fintechs, has acquired Czech buy now, pay later (BNPL) firm Twisto from previous owner Zip for an undisclosed sum as it looks to expand its footprint across Europe.
Established in 2014, Param offers financial services to individuals, corporates and small to medium-sized enterprises (SMEs), including online and offline payment solutions, customer loyalty programmes, prepaid cards, open banking services, money services and its own BNPL service called Kredim.
It is currently the only financial institution in Turkey to issue cards under four different card schemes – Mastercard, Visa, Discover and Troy. Param also operates in the UK, where it is licenced as an electronic money institution (EMI) by the Financial Conduct Authority (FCA), allowing customers to make domestic and international transfers in the UK.
Through the acquisition, Param aims to leverage Twisto’s European licences to offer its embedded financial solutions across Europe, with an initial focus on the UK, Germany, Netherlands, Czechia and Poland. For Twisto, the sale means an expansion of its product suite and offers a path towards profitability, a target it hopes to achieve in 2023.
“Europe is a core focus for us as we continue our bold, yet healthy and sustainable, expansion strategy,” comments Emin Can Yılmaz, founder and CEO of Param.
“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.”
Yılmaz says there is a “significant overlap” between Twisto’s business model and Param’s vision, adding that Twisto “already claims the #1 position” for BNPL services in Czechia.