William Reeve (LOVEFiLM entrepreneur) invests €14M in neobank Twisto
Czechia-based challenger bank Twisto announced that LOVEFILM entrepreneur William Reeve has joined its most recent €14 million Series B.
Reeve, now chairman at Nutmeg, will be helping Twisto with its expansion plans into Central and Eastern Europe, as well as sharing some of his operational experience.
Other Twisto investors include Finch Capital, Velocity Capital, ING Ventures, UNIQA Ventures and ING Bank Slaski.
“Twisto has impressive technology for instant daily financing and payments for customers and has quickly achieved a clear leadership position in its market,”
“This is my first investment in this region and I look forward to working with [Twisto’s founder] Michal and the team in building a great financial services business.”
The neobank serves more than 600,000 customers across the Czech Republic and Poland, offering customers a Money App for daily payments and its AI-driven fraud and credit risk detection platform ‘Nikita’.
In other plans, the fintech wants to expand its debit feature service to create one of Europe’s first universal ‘debit – credit’ payments apps.
Within five years, Twisto’s founder Michal Smida hopes his company will have two million full account customers. Smida says:
“William’s background and active involvement in the global fintech scene means he will be an invaluable resource. We aim to work closely with William on key strategic initiatives and draw on his experience, especially as we are considering M&A opportunities and exploring new markets for expansion.”