Emin Can Yılmaz/Param and Michal Šmída/Twisto
Turkish fintech giant Param acquires Czech BNPL Twisto for Europe launch
Param is accelerating its European expansion plans for its embedded finance products.
Embedded finance provider Param, one of Turkey's largest fintech, has acquired Czech BNPL provider Twisto, initiating its launch across Europe.
Twisto was acquired from Zip Co for an undisclosed sum.
Param has a valuation of $217m, according to its last funding round in 2022, one of the largest Turkish fintech investments.
Param is only surpassed in valuation by rival fintech Papara, which claims to be Turkey's first fintech unicorn in July through an acquisition deal with Spain's Beka Finance that Papara says valued its share higher than $1bn.
Like Papara, Param plans, via Twisto’s European licences to offer its embedded finance services, aimed at SMEs and large companies, initially in the UK, Germany, Netherlands, Czech Republic and Poland.
In Turkey, it has customers such as Shell, Michelin, Getir, Panasonic, Burger King, and Ikea.
Param’s UK subsidiary currently operates as an FCA-approved electronic money institution, allowing international and domestic transfers in the UK. It also has its own BNPL service and SME lending business called Kredim.
Param’s investors include private equity firms and funds including the European Bank for Reconstruction and Development (EBRD), CEECAT, Alpha Associates and RevoCapital.
“Europe is a core focus for us as we continue our bold, yet healthy and sustainable, expansion strategy, Param’s founder and CEO, Emin Can Yılmaz, said.
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,” he added.