Param, Turkey’s most valuable fintech company, took another important step in line with its growth strategy abroad and acquired Twisto, which is considered one of the fastest growing fintechs in Europe. With this move, Param, which is rapidly advancing in its international growth strategy that it started in England with the Param UK brand in 2022, will reach millions of new customers and hundreds of thousands of business partners thanks to Twisto.
Param, Turkey’s most valuable fintech company, acquired Twisto, one of Europe’s fastest growing fintech companies. Param, which will reach 27 European Union (EU) member countries with the acquisition of Twisto, obtains operating permission in 8 European countries. Param thus becomes a major player in Europe, the world’s second largest e-commerce market with an annual volume of $1.1 trillion.
Pioneer of the “Buy Now, Pay Later” digital credit 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 credit model in the Czech Republic, has also been serving in the Polish market since 2018. Twisto offers smart solutions for payments and shopping; It makes the lives of its users easier with features such as making payments with virtual cards and wallets, receiving payments for companies via smartphones, paying in installments, and paying bills. Twisto’s virtual cards have short and long-term installment options, account-based credit limit, Apple Pay and Google Pay integrations.
The brand, which took rapid steps towards growth by developing innovative products in the field of fintech, was purchased by Australia-based Zip in 2021 for 89 million dollars. Param decided to purchase Twisto from Zip, making one of the remarkable investments of 2023.
Twisto demonstrates strong growth performance with more than 1 million customers, a total transaction volume of 845 million euros and more than 9 thousand business partners. Important brands in Europe such as Answear, Allegro, KFC and Pizza Hut operate 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 strengthen us in competition in new markets”
Param Founder and CEO Emin Can Yılmaz made the following evaluation about the investment in Twisto: “Our decision to purchase Twisto is one of the most important indicators of the importance and priority we attach to our growth strategy in Europe. While our acquisition 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 a strong companion that Param can walk side by side with. We believe that Twisto, which we are impressed by its successes, 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 reach 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 superior financial technologies we have developed. “We will continue to share exciting developments in the coming period.”