Paynetics and phyre, both Bulgarian payment providers, have closed funding rounds.
Paynetics and phyre received €2.5m and €1.55m infusion respectively, in the fundraising.
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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.
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By GlobalDataThe 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.”
