Bulgaria-based Cost Firms, Paynetics and phyre, Safe Hundreds of thousands of Euros in Funding

Bulgaria-based fee firms, Paynetics, and phyre, have each finalized funding rounds, which have been led by the Bulgarian American Credit score Financial institution and VC New Imaginative and prescient 3.

Paynetics, which secured €2.5 million in funding, and phyre, which acquired €1.55 million in capital, have been each established by Bulgarian monetary providers skilled, Ivo Gueorguiev, and serial entrepreneur, Valeri Valtchev.

Paynetics is an e-money service supplier that gives a variety of fee merchandise to distributors, together with buying, issuing, digital wallets, and account administration options.

phyre has created a platform that goals to make it simpler for giant firms to launch their very own on-line fee wallets. Bulgarian telcos A1 and Vivacom are at present utilizing phyre’s providers.

As defined in Paynetics’ official web site, the corporate gives “versatile buying options for brick-and-mortar and on-line retailers, together with the primary purely software program POS which permits hardware-free contactless funds straight on Android telephones.”

The Fintech firm additionally offers environment friendly onboarding and underwriting providers. Paynetics prospects have entry to the agency’s highly effective and easy-to-integrate APIs, anti-fraud know-how and customised analytics and reporting instruments.

As famous on its web site:

“phyre is a cellular app that turns your cellphone right into a digital pockets. You need to use it to simply store anyplace with a POS and on-line.” 

phyre app customers can even preserve all of their loyalty playing cards within the app and use them straight from their smartphones. phyre lets customers immediately ship and obtain funds, with out having to pay further charges (inside its ecosystem).

Customers of the phyre app pays and observe their spending with a purpose to higher handle their finances. The app is out there for iOS and Android and means that you can “begin at no cost.”