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March 30, 2020

Bulgarian payment firms Paynetics and phyre secure investment

Paynetics and phyre, both Bulgarian payment providers, have closed funding rounds.

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Paynetics and phyre received €2.5m and €1.55m infusion respectively, in the fundraising.

Both the firms were set up by Bulgarian financial services expert Ivo Gueorguiev and serial entrepreneur Valeri Valtchev.

The fundraising was led by Bulgarian American Credit Bank as well as VC New Vision 3.

A mobile app, phyre enables a smartphone to serve as a digital wallet.

Users can store loyalty cards in the app and use them directly from their smartphones.

The app also facilitates instant fund transfer at zero fees and enables one to track spending.

Paynetics offers payment solutions in card acquiring and issuing, account management along with e-wallets.

The company’s website states that its product suite includes the “first purely software POS which enables hardware-free contactless payments directly on Android phones”.

The company is a principal member of Visa, Mastercard, SWIFT, and SEPA.

Paynetics CEO Antonina Martinova was quoted as saying by IBS Intelligence: “The funding will help us further accelerate our growth and leverage more effectively on the robust infrastructure we have built as well as to expand into business lines with high-value creation potential through innovation and market fist approach.

“We further plan to make our unique end-to-end payment and banking solution platform available directly to micro, small and medium merchants.”

 

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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