Exclusive: The Czech-founded, pan-European challenger bank Twisto has raised €14 million as part of its Series B round of funding. William Reeve, a co-founder of LOVEFiLM and Secret Escapes, has participated in the round alongside Finch Capital, Velocity Capital, ING Ventures, UNIQA Ventures and ING Bank Slaski.
To date, Twisto has secured €21 million and is seeking an additional €30-40 million in senior and venture debt funding to expand.
Twisto is currently one of Central Europe's leading fintech startups, with more than 600,000 customers across the Czech Republic and Poland. Among their services, Twisto is best known for their Money App and their artificial intelligence-driven fraud and credit detection platform ‘Nikita’.
Twisto plans to expand its platform and intends to make Europe's first universal “debit-credit” payment app. This development is part of Twisto’s overarching expansion plan to have two million full-account customers within five years.
Michal Smida, founder and CEO of Twisto commented about serial entrepreneur Reeve’s participation in the funding round: “William’s background and active involvement in the global fintech scene will be an invaluable resource. We aim to work closely with William on key strategic initiatives and draw on his experience, especially as we are considering M&A opportunities and exploring new markets for expansion”.