Twisto, a Revolut competitor, is growing rapidly in Poland, taking its first steps toward Romania
Twisto offers a credit-based mobile payment app, with a revolving credit limit, linked with a Mastercard. It enables customers to defer payment for purchases for up to 45 days for free. Foreign transactions are settled at the best possible exchange rate, without any fees or commission. The Twisto card is free and you can pay with it at any online or brick-and-mortar shop – anywhere Mastercard is accepted.
Twisto was established in Prague, and the fintech startup entered the Polish market in mid-2018, as a one-click online payment solution for e-commerce, making its first milestone in its European expansion. The recent launch of the mobile app and card is the second step in Twisto's expansion to Poland. 150,000 new sign-ups and growing at a rate of 2,000 more every day: this is the data Twisto collected in three months after releasing their app and payment card on the Polish market. In Q2 of 2020 Twisto will be launching in Romania.
"We are expanding one country at a time, and focusing our full attention on each market we enter. We are currently concentrating on the CEE region, where our launch in Poland was successful, and we believe that we can do it again in Romania," says Michal Šmída, founder and CEO of Twisto.
A serious competitor to Revolut, thanks to Nikita
Unlike its main competitor on the Polish market - Revolut - Twisto offers a credit-based solution. Their carefully planned expansion also includes localized client service in Poland, which is a big advantage for Polish speaking users who might not feel as comfortable using a method of payment with no support in their native language
However, what really sets Twisto apart is a unique, in-house built, scoring engine called Nikita. Nikita utilises cutting-edge technology, big data and artificial intelligence for fraud detection and to check client creditworthiness in a fraction of a second. Thanks to Nikita, customers can quickly onboard to the app with slick UX and minimal information input – a stark contrast to typical bank processes with long approval times.
"Thanks to Nikita we are able to accurately evaluate and instantly deliver our services to customers, to the point where paying in e-shops is a question of one click, even for customers without the Twisto app. Nikita is a key differentiator to the traditional players and a key driver of winning in the region," explains Šmida.