Param Group, Türkiye's leading FinTech company, raised EUR 13.7 million of equity investment from the European Bank for Reconstruction and Development (EBRD) for two of its companies.
Of the total, EUR 9.8 million will be injected into Türk Elektronik Para A.Ş. (Param), whereas Türk Finansman A.Ş. (Kredim) will receive a primary direct equity investment of EUR 3.9 million.
As the first non-bank institution licensed under the Debit and Credit Cards Law and the first non-bank member of the Interbank Card Center (BKM), Param remains the only electronic money institution (EMI), with access to all Mastercard, VISA, Troy and Discover card schemes.
Meanwhile, launched in 2020, Kredim is a BNPL (Buy Now, Pay Later) service provider under the Param Group. In collaboration with merchants, Kredim offers product-financing loans to end consumers.