Investment round values Param at $200 mln
ISTANBUL
A Turkish fintech firm, Param has announced that its first ever investment round valued the company at over $200 million.
The round is subscribed to by institutional investors CEECAT Capital, the European Bank for Reconstruction and Development (EBRD), Alpha Associates and Revo Capital, the company said in a statement.
Param grew by 3 times last year, said Emin Can Yılmaz, Param Group Founder and CEO, adding that “Our technology has enabled us to maintain long-term relations with Türkiye’s unicorns and largest merchants as well as with thousands of SMEs.”
“We will now turn towards expanding globally whilst strengthening our foothold in Türkiye,” Yılmaz said.
With its fast, bank-agnostic and client centric solutions, Param operates 5.4 million cards across 138 business-to-business-to-consumer card programmes, facilitating payments for more than 90,000 merchants including leading e-commerce players and large organisations.
The company also offers an employee benefits and gift card system, a loyalty system with instant cash-back at 30 high-street retailers and instant collection with open banking solutions to 400,000 dealers across the country.
Param has all of its software development capabilities in-house, which puts the company in great advantage in terms of speed, agility and efficiency, the statement said.
With offices both in Ankara and Istanbul, 60 percent of the workforce is female and 63 percent of top management are women.
