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DFF - Param



Project number:


Business sector:

Telecommunications, Media and Technology

Notice type:


Environmental category:


Approval date:

25 Mar 2022



PSD disclosed:

08 Sep 2022

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

The transaction is a primary direct equity investment of EUR 9.8m into the share capital of Turk Elektronik Para A.S. ("Param"). Other investors include CCL Investments SaRL ("CEECAT Capital"), a private equity fund focused on Emerging Europe, Alpha Associates and Revo Capital, with total financing amount of EUR 27.2m.

The investment is part of total equity investment by EBRD of EUR 13.7m, into Param Group, including Param and Turk Finansman A.S. ("Kredim"). Total amount raised by Param Group is EUR 38m.

Project Objectives

The investment will enable Param to support future growth, develop technology, marketing and HR.

Transition Impact

ETI score: 67

Competitive: Investing in expansion of Param Group will support a number of operational changes and the launch of new products. Param Group aims at providing digital and open banking services in the near future, leading to competitiveness improvements.

Well-Governed: Substantial improvement in financial management in the context of equity co-investment alongside a private equity fund, including hiring of the CFO and other key financial positions, audit by Big 4 firm. Improvement in corporate governance will be implemented, including adding an independent board member, adding board observer for each new investor, new Corporate Governance Committee.

Client Information


Param is a leading independent non-bank Payment Service Provider ("PSP") with a 22% market share and e-Money company in Turkey, serving large corporate merchants facilitating on-line transactions. Param is present across the entire payments value chain (card issuing, acquiring, and processing) and has strong in-house technical capabilities providing significant competitive advantage. Deep technical know-how, fully in-house software and product development capabilities enable rapid product deployment.

Param started in 2013 as a prepaid card provider for lawyers and professionals. At the onset of Covid-19 crisis, the company made significant investments in technology infrastructure and launched a new strategy to focus on large corporate merchants.


EBRD Finance Summary

Direct equity investment of EUR 9.8m

Total Project Cost

Direct equity investment of EUR 9.8m


The project is additional because it represents the first institutional funding experience of Param Group and will result in strengthening of its corporate governance. Param Group is gradually transforming itself into a leading national player with regional aspirations and preparing for future institutional financing rounds and a possible IPO. The investment supports quick pace of company's growth as well as high female representation in senior managerial positions and is in line with EBRD's Strategy for the Promotion of Gender Equality.

Environmental and Social Summary

Categorised C (2019 ESP).  Low risk. Environmental and Social Due Diligence (ESDD) was carried out by ESD and included the review of Environmental & Social (E&S) Questionnaire. Direct equity co-investment (representing up-to 7.5% stake in Param) in a payment services provider and e-money company for financing acquisition of software is unlikely to be associated with significant environmental risks and impacts. Based on the ESDD, Param Group employs 106 people, they have been currently working on the establishment of ISO 14001, ISO 45001 and corporate responsibility management systems, and their certification is in progress. Param Group is in compliance with relevant environmental, health and safety national law. For the project, Param Group is required to ensure that its operations continues to comply with EBRD PRs as well as human resource policies and labour management, data protection, cyber and information security, stakeholder engagement and grievance mechanism and provide an annual environmental and social report to the Bank. No additional ESDD is required. Equity investments are not included within the scope of the current methodologies for Physical Climate risk assessment or Paris Alignment. The project has no GET component.

Technical Cooperation and Grant Financing


Company Contact Information

+90 (552) 964 07 98
Prof. Dr.Ahmet Taner Kislali Mh.2405.Sok.No:5 Cankaya/Ankara/TURKEY

PSD last updated

08 Sep 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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