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Aug 09, 2023 519

Param acquires PayCore and all of its subsidiaries

#Regional

Param, one of the leading financial technology companies in Turkey, agreed to acquire PayCore, the Flagship of Payment Systems, and its subsidiaries and initiate legal processes, including the approval process for share transfers, before the relevant authority.

This financial technology juggernaut serves as the bedrock for payment system infrastructures, spanning e-money institutions, payment providers, and even the largest banks within our nation. A staggering accomplishment graces PayCore's portfolio – an impressive annual completion of over 3 billion payment transactions facilitated by its flagship Ocean product.

In the dynamic realm of financial technology, PayCore stands as an undisputed leader, transforming the landscape with its cutting-edge technology infrastructure and financial software solutions. With a dedicated workforce exceeding 400 professionals, PayCore extends its innovative prowess to over 250 banks, financial institutions, telecom operators, and international enterprises. Remarkably, its reach extends across more than 30 countries, solidifying its stature as a beacon of global fintech expertise.

Boasting a legacy that spans 22 years, PayCore holds the reins in the management of critical payment processes for major card schemes worldwide. Its influence isn't confined to geographical boundaries; it stretches across continents, encompassing the USA, Dubai, and the UK. Bolstering these operational hubs is the company's thriving center in Istanbul, where development and innovation converge.

The recent acquisition of PayCore by Param has ushered in a new era of possibilities. Param, a trailblazer in the evolution of the payment ecosystem, has expedited its aggressive growth strategy with this strategic move. Anticipating a monumental shift in Turkish fintech transformation, Param promises to unveil pivotal developments before 2023 concludes. International investors have been captivated by Param's resolute financial foundation and the resounding triumphs achieved through global partnerships. In tandem, these titans are poised to fortify PayCore's foothold in the global market, ensuring its trajectory is one of ascension.

Excitement fills the air as Param anticipates the green light from legal authorities to onboard 450 new colleagues, augmenting its already formidable team of over 1000 experts. This synergy brings promise not only in terms of financial innovation but also in fostering a workplace culture that transcends traditional paradigms.

Indeed, this monumental development is poised to infuse novel values into our industry and economy. The fusion of PayCore's unparalleled technology and Param's strategic vision holds the promise of reshaping the future of fintech, igniting a blaze of transformation that transcends borders and revolutionizes financial landscapes worldwide.