ING joins $14 million round in consumer credit app Twisto

ING joins $14 million round in consumer credit app Twisto

ING has joined in a $14 million funding round in buy now, pay later app Twisto.

The Series B round, which will be used to fund the Czech Republic company's expansion into Central and Eastern Europe, was led by Finch Capital and co-led by Velocity Capital. ING Ventures, Uniqa Ventures and ING Bank Slaski also joined the round, following an earlier €5 million Series A investment.

Connected to Mastercard, Twisto uses an inhouse developed scoring engine to enable qualified customers to pay for their online purchases with just one click, deal with bills and invoices by taking a photo of them within the app and pay just about anywhere else with the card or an NFC payment bracelet.

Launched in 2013, Twisto has been used by 500,000+ customers in the Czech Republic and Poland.

To date, Twisto has secured €21 million equity and €15 million in debt, which is used to finance the customer credit portfolio. To speed up the expansion, the firm is seeking additional €30-40 million in debt by year-end.

Future features slated for introduction will include a debit facility for users to pre-pay for their purchases.

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