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Aug 23, 2023 379

Param acquires Twisto, one of Europe's leading fintech companies

#Fintech

Param, one of Turkey's leading fintech companies, which has recently attracted attention with its investments and acquisitions, has acquired Twisto, the Czechia-based fintech Twisto, the fastest growing fintech in Europe.

Param, a prominent fintech company in Turkey, which has recently gained attention through its investments and acquisitions, has now integrated Twisto, a rapidly growing fintech company based in Czechia that operates in the same field within Europe.

Twisto had been acquired by Zip for $89 million in 2021. Today, Param has purchased Twisto from Zip, although no financial details of the transaction have been disclosed. To our understanding, considering Twisto's rapid expansion, it is estimated that this acquisition is valued at a sum exceeding $89 million.

Through the acquisition of Twisto, Param is set to expand its reach to 27 European Union (EU) countries. Twisto holds the crucial license of the European Payment Institution, allowing it to offer payment services across all EU member states. Consequently, Param emerges as a significant player in Europe, a market with an annual e-commerce volume of $1.1 trillion, making it the second largest in the world.

Twisto, a prominent "Buy Now, Pay Later" platform in Europe, was founded in 2013. As a pioneer in introducing the "Buy Now, Pay Later" digital loan concept in the Czech Republic, Twisto has also served the Polish market since 2018.

The range of intelligent payment and shopping solutions provided by Twisto greatly facilitates the lives of its users. These encompass features like virtual card and wallet payments, mobile-based payments for businesses, installment-based payments, and bill settlement. Notably, Twisto's virtual cards offer both short and long-term installment options, account-linked credit limits, and seamless integration with Apple Pay and Google Pay.

Twisto, renowned for its rapid growth achieved by pioneering innovative fintech products, was acquired by Australia-based Zip for $89 million in 2021. With Param's decision to purchase Twisto from Zip, a significant investment milestone has been marked in 2023.

Twisto's strong growth trajectory is evident through its customer base exceeding 1 million, a total transaction volume amounting to 845 million euros, and partnerships with over 9,000 businesses. Prominent European brands such as Answear, Allegro, KFC, and Pizza Hut are active participants on the Twisto platform.

A notable feature of Twisto lies in its advanced security technologies. The proprietary credit and fraud scoring engine known as "Nikita" is capable of analyzing over 500 factors in a matter of milliseconds.