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May 13, 2019

Payments app Twisto bags €14m Series B funding

Czech mobile payments app Twisto has secured €14m funding in a Series B round.

Finch Capital led the funding round, while Velocity Capital co-led the round.

Other participants in the fundraising were ING Ventures, UNIQA Ventures and ING Bank Slaski.

ING and UNIQA previously participated in Twisto’s Series A €5m round.

With the fresh funds, Twisto plans to expand into Central and Eastern Europe.

The target is to have two million Twisto customers in the region.

Twisto was established in 2013 in Prague. The company forayed into Poland last year.

The app, linked to MasterCard and NFC bracelet, enables one to make payments for online purchases with a single click.

It provides an advanced bill and invoice payment solution (Snap) along with the split-purchase feature (Split).

Plans are on to upgrade the app with a debit feature, in order to support pre-payment of purchases.

At present, the app has a user base of more than 500,000 in the Czech Republic and Poland.

The app already received €21m in equity and €15m in debt and targets another €30m to €40m in debt by the end of this year.

Earlier this year, Twisto was in the news for its partnership with payments firm Wirecard.

The alliance enabled Twisto to add support for Apple Pay.

 

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