Twisto, a Revolut competitor in the CEE region, is growing rapidly in Poland, and taking its first steps to enter the Romanian market

150,000 sign-ups, and growing at an average rate of 2,000 sign-ups per day: this is the data Twisto collected in the three months after launching their app and payment card on the Polish market.

With the goal of getting 500,000 users in Poland by 2022, the company is very close to achieving and even exceeding its target much sooner than expected.

Twisto is now considered to be a Revolut competitor in the largest market of the CEE region, and they are still growing, with plans to enter the Romanian market.

Twisto offers a credit-based mobile payment app, with a revolving credit limit, linked to a Mastercard. It allows 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, 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 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 in the Polish market - Revolut - Twisto offers a credit-based solution. Their carefully planned expansion also includes localized customer service in Poland, which is a big advantage for Polish speaking users who might not feel comfortable using a payment method with no support in their native language.

However, what really sets Twisto apart is a unique, in-house built, scoring engine called Nikita. Nikita utilizes 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 the app with slick UX and minimal information input - a stark contrast to typical banking 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 matter 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 Šmída.