Turkey’s largest FinTech Param has expanded into Europe by acquiring Czech buy now pay later (BNPL) provider Twisto for an undisclosed sum.

Param claims that it was the first e-money company in Turkey and the first FinTech to introduce the concept of BNPL in the country.

The acquisition will allow Param to expand into Twisto’s core markets which include the UK, German andy the Netherlands, said the company, adding that it will also help it broaden its range of embedded finance and money transfer products.

Twisto says that it was one of the first companies to introduce BNPL to the Czech Republic market. Since the company was founded, it has processed over 33 million transactions with a total value of €845 million.

Emin Can Yılmaz, founder and chief executive of Param, said that Europe was a core focus in the business’ expansion plans.

“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,” Yılmaz said. “Twisto already claims the #1 position in Buy Now Pay Later (BNPL) 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.”

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