Twisto Raises $15 Million in Series B Funding

William Reeve, a co-founder of LOVEFiLM and Secret Escapes, is the latest investor in Czech payments innovator Twisto. Tech.eu reports that the company has raised $15 million (€14 million) in capital as a follow-on to the Series B that it completed in this spring. The company is also looking to bringing an additional $33 million to $44 million (€30 million to 40 million) in senior and venture debt financing to support expansion.

Twisto will use the funds to further build out its platform and to develop what it calls the first universal “debit-credit payment app.” The company’s goal is to have two million, “full-account” customers within the next five years.

Speaking of Reeve, Twisto CEO and founder Michal Smida called his fintech experience “an invaluable resource” and said Twisto would work closely with Reeve on “key strategic initiatives” including M&A and entry into new markets.

Founded in 2013, Twisto has grown into a major Central European fintech with more than 275,000 customers and more than 500,000 monthly visits. The company’s Nikita risk engine applies machine learning to non-traditional data to provide a credit assessment based on more than 400 data points per transaction – all in milliseconds.

Twisto demonstrated its Twisto Card at FinovateEurope 2018. The card, designed to support all of the daily financing needs of its users, provides access instant credit and notifications, a favorable foreign exchange rate, cashback and UNIQA insurance. The card also features a “Buy Now. Pay Later” solution that provides one-click instant financing. Twisto offers three tiers, including a free online version that includes many of the platforms key features including cashback from online purchases and Twisto Snap, which lets users pay bills and invoices by photo or email.

Headquartered in Prague, Czech Republic, Twisto announced in July that it was opening an office in Poland, with an expansion into Romania expected soon. The company began the year with news that Wirecard would facilitate the integration of Apple Pay for users of Twisto’s digital Mastercard.

Finovate Alumni News

On Finovate

  • Twisto Raises $15 Million in Series B Funding
  • Finovate Global: Mexican Fintech Minu Makes History; India’s Namaste Credit Becomes a Neobank.

Around the web

  • Five Degrees adds OneSpan as a new partner in its Open Banking Marketplace.
  • Axiata Group Berhad and Telenor Group end merger discussions.
  • Klarna expands existing partnership with online fashion retailer boohoo group and its four brands.
  • Xero adds BP as latest partner for its Xero Connect e-invoicing solution.
  • Authority Magazine interviews Talbott Roche, CEO and president of Blackhawk Network.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Mambu Strikes First Deal in Brazil; Twisto Sets Sights on Poland

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Central and Southern Asia

  • Indian financial services marketplace MyMoneyMantra raises $15 million in funding.
  • Razorpay, a payments solutions provider based in India, reports a 40% increase in the number of digital transactions in the country during the second quarter of 2019.
  • Credit Suisse and NASSCOM agree to promote the growth of Indian fintech startups.

Latin America and the Caribbean

  • Mambu forges partnership with its first Brazilian customer, Acesso.
  • MercadoLibre announces plan to allow users of its e-wallet in Mexico to earn interest on funds saved on the app.
  • Bloomberg looks at Goldman Sachs’ Special Situations Group and its pursuit of investment opportunities among Latin American fintechs.

Asia-Pacific

  • China Merchant Bank to deploy regulatory reporting technology from Wolters Kluwer.
  • Philippines Union Bank picks Refinitiv to power its electronic trading business.
  • Samsung partners with a cohort of South Korean banks on a blockchain-based digital identity project.

Sub-Saharan Africa

  • Central Bank of Kenya reaches fintech cooperation agreement with the Monetary Authority of Singapore.
  • Standard Bank leverages mobile teller technology from Infosys Finacle.
  • Kenyan payment solutions provider WAPI Pay pledges to support faster adoption of Wechat Pay and Alipay across Africa.

Central and Eastern Europe

  • Czech Republic’s Twisto announces plans to expand to Poland this fall, with expansion to Romania to follow.
  • Revolut makes Apple Pay available to its customers in Hungary.
  • Austrian insurtech Bsurance and fintech Cashpresso team up to provide automatic buyer protection Cashpresso customers.

Middle East and Northern Africa

  • Nasdaq and Iraq Stock Exchange ink new market technology agreement.
  • Emirates NBD’s Liv leverages gamification to raise money for charity.
  • Abu Dhabi Global Market’s Financial Services Regulatory Authority issues guidelines for robo advisors operating in ADGM.

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Finovate Alumni News

Around the web

  • Entrepreneur.com features Xero in its round up of solutions to help companies better control their business expenses.
  • SaaS banking engine Mambu inks deal with its first Brazilian client, Acesso.
  • Worldpay to deploy UP eCommerce Payments solution from ACI Worldwide as part of new international partnership.
  • Czech Republic’s Twisto announces plans to expand to Poland this fall, with expansion to Romania to follow.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Temenos in Tunisia; Fenergo Backs Blockchain-based KYC in Bahrain

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Asia-Pacific

  • Singapore-based financial supermarket GoBear scoops up $80 million in new funding.
  • Wipro builds prototype for central bank digital currency project in Thailand.
  • Chinese fintech Pintec Technology opens international headquarters in Singapore.

Sub-Saharan Africa

  • Chipper Cash, an African cross-border payment startup, raiseded $2.4 million in funding – including a contribution from football Hall of Famer Joe Montana’s Liquid 2 Ventures.
  • Central Bank of Kenya and the Monetary Authority of Singapore to launch the first Afro-Asia Fintech Festival.
  • Remoney wins Innovation in Lending award at the Nigerian Fintech Awards.

Central and Eastern Europe

  • Twisto closes $15.7 million capital raise.
  • Estonia tightens regulations on granting virtual currency licenses.
  • Partnership between Wirecard and Orange Money to bring digital payment services to Eastern Europe.

Middle East and Northern Africa

  • Fenergo supports Bahrain’s blockchain-based KYC.
  • ACI extends partnership with Vocalink into Saudi Arabia to facilitate the adoption of real-time payments through ACI’s UP Real-Time Payments solution.
  • Tunisian bank selects Temenos to drive digital transformation and future growth.

Central and Southern Asia

  • New Indian Express features digital piggy bank, Wizely.
  • Zawya looks at the potential for Islamic banking and finance in Uzbekistan.
  • YourStory profiles year-old fintech startup, Nira.

Latin America and the Caribbean

  • Mastercard partners with Edenred and northern Mexico state of Sonora to trial biometric cards.
  • Brazilian fintech Nubank goes live in Mexico.
  • Bolivia launches interoperable payment solution using QR codes.

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Twisto Closes $15.7 Million Capital Raise

Mobile-first payment innovator Twisto closed a Series B funding round this week totaling $15.7 million (€14 million). The investment brings Twisto’s total funding to $38.7 million (€34.5 million), which is comprised of $23.6 million (€21 million) in equity and $16.8 million (€15 million) in debt.

The round was led by Finch Capital and includes support from existing investors UNIQA Ventures and ING Bank, as well as newcomers Velocity Capital Private Equity and ING Ventures.

The company, which is based in the Czech Republic and Poland, will use the funds to expand further into Europe. Twisto aims to have two million app users in the Central and Eastern European region in the next two years.

Founded in 2013, Twisto offers a simple financing solution to European retail banking customers. The company is best known for its Buy Now, Pay Later tool, which gives consumers an online point of sale financing option, offering instant credit that can be activated in a single click.

The company’s payment card features a favorable exchange rate, is compatible with Apple Pay, and offers 5% more cashback than competitors. The app offers a bill-splitting capability and OCR-powered bill payments that allow customers to pay bills by uploading a photo of the paper statement.

Launched in Prague, Twisto expanded to Poland in the first quarter of last year. Today, the company’s app has been used by more than 500,000 customers. The company’s CEO and Founder Michal Smida demoed the Twisto account at FinovateEurope 2018.

Finovate Alumni News

On Finovate.com

  • Twisto Closes $15.7 Million Capital Raise.
  • FinovateSpring Best of Show Winners Announced.
  • Welcome to FinovateSpring’s Conference Day.

Around the web

  • ID.me launches discounts for new affinity groups: nurses, age segments, and alumni.
  • TechCrunch: SoFi launches Gig-focused ETF.
  • Ayondo inks deal to sell UK unit for £5.7m.
  • Cornèr and NDGIT partner to provide direct access to third-party service providers under PSD2 regulation.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Central and South Asia

  • India-based investment app Groww picks up $6.2 million in BBVA-led Series A funding.
  • Uzbekistan’s Digital Trust Fund inks deal with tokenization and securitization service provider BANKEX to bring blockchain technology to government agencies.
  • Entrepreneur.com India interviews Razorpay CTO and co-founder Shashank Kumar.

Latin America and the Caribbean

  • Jamaica Stock Exchange announces successful digital asset trading pilot with Canadian fintech Blockstation.
  • Bolsa de Valores de Panamá goes live with new trading system from Nasdaq.
  • Private equity firm Advent buys $1.42 billion majority stake in Prisma Medios de Pago, an Argentina-based payments firm.
  • Mexican challenger bank Albo raises $7.4 million Series A.

Asia-Pacific

  • IBM announces $250 million partnership with the Bank of the Philippine Islands.
  • UNPay founder Zhang Zhenghua named as 2018 Golden Shell Award’s inaugural “Payment Industry Pioneer.”
  • Hong Kong’s Atom cryptocurrency exchange, AAX, prepares for Hong Kong launch in the first half of this year.

Sub-Saharan Africa

  • Absa to deploy AI to help customers in South Africa switch bank accounts.
  • Nigeria’s Nairametrics lists its Fintech companies to watch out for in 2019.
  • The first online insurance distribution solution in Mozambique, Askari Fintech, opens for business.

Central and Eastern Europe

  • Bankart wins final approval from Slovenian Central Bank to go live with Net’s instant payment solution.
  • CryptoNews looks at the rise in interest in fintech and blockchain technology in Lithuania.
  • Czech fintech Twisto to launch operations in Romania.

Middle East and Northern Africa

  • New partnership helps Moven grow in MENA.
  • Iraq’s Al Mustashar Islamic Bank goes live with ICS Financial Systems’ core banking system, ICS Banks Islamic.
  • Entrepreneur.com talks with Padmini Gupta, co-founder and CEO of UAE-based fintech Rise about democratizing access to financial services.

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Finovate Alumni News

Around the web

  • New partnership makes Venmo a payment option for Uber and Uber Eats.
  • Hedgeable announces plan to end management of accounts by mid-August.
  • IdentityMind Global to provide KYC for Ontology Trust Ecosystem.
  • Socure named to Red Herring Top 100 in North America for 2018.
  • Mortgage Cadence integrates compliance auditing and monitoring into its loan origination platform.
  • Bluefin and Verifone team up to boost payment security with PCI-validated Point-to-Point Encryption (P2PE).
  • Twisto payment platform goes live in Poland this week.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Middle East and Northern Africa

  • UAE’s Foloosi introduces cashless transactions via digital wallet.
  • Revenue management specialist SunTec partners with UAE’s Mashreq Bank.
  • Jumhouria Bank of Libya to deploy reconciliation management technology from SmartStream Technologies.

Latin America

  • Fintech Futures takes a look at Mexico’s preparation for implementation of its new fintech law.
  • TyN Magazine profiles Argentine P2P lender, TuTasa. In Spanish.
  • Bermuda’s government to amend banking laws to support new class of banks to work with local fintech and blockchain startups.

Asia

  • Bloomberg investigates the challenges Singapore is facing in trying to meet its fintech aspirations at a time of stiff competition for engineering talent.
  • Will China step up regulations on its P2P lending industry?
  • Lattice80 and SuperCharger team up to develop bridge between fintechs in Singapore and fintechs in Hong Kong.

Sub-Saharan Africa

  • Nigerian logistics startup Kobo360 picks up $1.2 million in pre-seed funding; announces launch of Kobo Wealth Investment Network, a crowd investing vehicle financing program.
  • Creamer Media’s Engineering News looks at how policymaking in South Africa will affect fintech innovation in the country.
  • Nuadox features its seven African fintech startups to follow in 2018.

Central and Eastern Europe

  • Silicon Republic features expense-tracking tool BudgetBakers, PFM solution Spendee, and financial services provider for the underserved Twisto in its list of 10 Outstanding Start-ups from Prague to Watch.
  • Blockchain innovator Billon is the first Polish company to be featured in the FinTech 50.
  • Bank of Lithuania introduces regtech solution to make it easier for companies to remotely apply for e-money and payment institution licenses.

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