← Embedded Finance Index 2026

Param

“Can a Turkish EMI become the embedded-finance operating system spanning acquiring, issuing, BNPL, open banking and ERP across Turkey and Europe?”

Founded2014
HQÜnalan, Istanbul, Turkey
Total raised$52.3M
Latest roundGrowth round at $200M+ valuation (EBRD, CEECAT Capital, Alpha Associates, Revo Capital)
Valuation$200M+
IndustryFintech / Neobank
The story

Founded 2014 as Turkey's first licensed electronic money institution, Param built a full-stack fintech spanning prepaid cards, virtual/physical/mobile POS, e-wallet, BNPL (via Kredim), open banking (via Finrota), and ERP (via Nebim). It became the only non-bank EMI with all four card scheme issuing licenses (Troy, Mastercard, Visa, Discover) and the only non-bank BKM TechPOS member. In 2023 it acquired Czech BNPL Twisto to enter the EU (UK, Germany, Netherlands, Czechia, Poland) as an embedded-finance-as-a-service player under 'ParamEU'. In 2025-2026 the Turkish TMSF was appointed trustee over Param and its group companies pending financial investigations, materially impacting merchant payouts.

Last 12 months
2026
2023-08
Product timeline
0
Obtained FAST license — first non-bank EMI to join Turkey's instant payments system· banking
0
TMSF (Turkish Savings Deposit Insurance Fund) appointed as trustee over Param and group companies pending investigations; ParamPOS merchant payouts capped at TRY 100,000· regulatory
2014
Founded and licensed by BDDK as Turkey's first licensed electronic money institution· banking
2022
Raised growth round at $200M+ valuation from EBRD, CEECAT, Alpha Associates, Revo Capital· funding
2023
Acquired Czech BNPL provider Twisto to accelerate European expansion· acquisition
Acquisitions
Twisto2023
Czech BNPL provider acquired to bring European licenses and BNPL infrastructure to Param's embedded finance stack across UK, Germany, Netherlands, Czech Republic and Poland
Finrota
Open banking and online collections platform, now a Param group company
Kredim
BNPL and consumer/commercial shopping credit provider, first BNPL in Turkey
Univis
Hardware supply, technical service and support
Univera
Digital solutions for sales, service, payment and logistics processes
Paramtech
Financial technology and infrastructure provider (in-house)
Nebim
ERP and retail management software producer
Regulated entities
3
regulatory licences held by Param
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in Param’s embedded-finance stack
Payments / PSP
ParamPOS (self-operated)Param Sanal POS (self-operated)Param Fiziki POS (self-operated)Param Cep POS (self-operated)ParamTIK payment links (self-operated)POS Mini (self-operated)Marketplace Solution (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
Open banking
in the full report
Accounting gap: significant
9 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.