DFF - Param

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

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 ID 53501

Status Disbursing

Location

Türkiye

Business Sector

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Serkan Aziz Oral
pazarlama@param.com.tr
+90 (552) 964 07 98
www.param.com.tr
Prof. Dr.Ahmet Taner Kislali Mh.2405.Sok.No:5 Cankaya/Ankara/TURKEY

Project ID 53501

Status Disbursing

Location

Türkiye

Business Sector

Notice Type

Private

Environmental Category

Approval Date

25 Mar 2022

Disclosure date

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.

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

DFF - Param (Turkish) (PDF, 0.61MB)

Project Description

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

TURK ELEKTRONIK PARA

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

Additionality

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.

Technical Cooperation and Grant Financing

N/a

Company Contact Information

Serkan Aziz Oral
pazarlama@param.com.tr
+90 (552) 964 07 98
www.param.com.tr
Prof. Dr.Ahmet Taner Kislali Mh.2405.Sok.No:5 Cankaya/Ankara/TURKEY

PSD Last Updated

14 Mar 2025

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 the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) 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 also requires its clients to disclose information, as appropriate, about the risks and impacts of 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 of the Bank's activities 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 EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. 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, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. 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 (for example, 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 the 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 and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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DFF - Param

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)

DFF - Param

Overview

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Environmental and Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)