Further confirmation of cashless. pl's news from mid-June this year on the change of ownership of Czech fintech Twisto, whose services are also popular in Poland. The Polish company Twisto, now 100% owned by its Czech parent company, has a new supervisory board. Among its members are Param Group co-founders Emin Can Yilmaz and Mustafa Serhan Yilmaz, as well as Serkan Aziz Oral, who is the company's executive director and a member of the board of directors.
Interestingly, similar changes were previously made to the supervisory board of the Czech Twisto. There, too, its composition was reduced to three people, the same ones who currently sit on the Supervisory Board of Twisto Polska.
Twisto is a fintech specialising in deferred payments. It has been active on the Polish market for several years. In the past, its investors included the ING bank. However, in 2021, the Czech company passed into the hands of Zip, an Australian giant of the BNPL (buy now, pay later or deferred payments) market. However, this one, due to a confluence of different circumstances, decided to divest its European assets, including Twisto, as announced in February this year.
As for Param, it is a Turkish fintech company, developing mainly through acquisitions of payment entities with money from its investors, which include the Turkish venture capital fund Revo. Param has also been financially backed by the European Bank for Reconstruction and Development, with a not inconsiderable sum of $217 million. The Turks also had plans to expand in Europe in the past and, to this end, set up a branch in the UK, where it still operates. However, plans to conquer the continent through the British division were thwarted by Brexit.
And coming back to Twisto Polska, the company's financial results for last year are now available. The organisation achieved revenues of more than PLN 27 million, (2021: PLN 14.4 million) and a net loss of almost PLN 25 million (the year before, the loss was almost PLN 27 million).