One of Turkey’s leading fintechs, Param, has confirmed its entry into the European market with the acquisition of Buy Now, Pay Later (BNPL) provider Twisto.
Strengthening the group’s plans for wider global expansion, Param is introducing its technology and integrated embedded finance products and services to Europe.
One of the first Czech fintechs, Twisto, was acquired from previous proprietor Zip Co for an undisclosed sum. The transaction reinforces the company’s future, providing it with financial resilience and opportunities for growth as it aims for profitability in 2023.
Emin Can Yılmaz, Founder and CEO of Param, commented on the deal: “Europe is a core focus for us as we continue our bold, yet healthy and sustainable, expansion strategy. 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. Twisto already claims the number one position in Buy Now Pay Later services in Czechia with a strong, recognisable, and top-of-mind brand awareness. Twisto puts consumers at the core of its business and continuously innovates to deliver reliable and value-adding products to its customers. There is a significant overlap between Twisto’s business model, the Founders’ vision and the Group.”
Param is the preferred payment partner of major brands in Turkey, such as Shell, Michelin, Getir, Panasonic, Burger King, IKEA and others. Meanwhile, Twisto’s customers include international brands including Answear, Allegro, KFC and Pizza Hut.
The acquisition will not impact Twisto’s operations, existing partnerships, or management team. The focus will be on providing more enhanced products and services to clients, merchants and partners, and exploring new synergies with Param customers.
