UK and Bulgaria-based fintech firm Phos has announced that it has secured €1.2 million in a seed round financing led by Bulgaria-based early-stage Venture Capital fund New Vision 3. Launched in 2018, Phos offers software-only PoS which can directly accept the payments without needing any other hardware device.
Ivo Gueorguiev, the co-founder of the firm while speaking to TechCrunch said that “Millions of traders and merchants do not accept card payments because they find the current hardware inconvenient or expensive. Most of the merchants who accept card payments find the cost of ownership of the hardware high, [while the] current POS hardware offers no additional value, with the exception of very expensive smart terminals like Clover”.
Commenting further he says that “We offer merchants an alternative to old and expensive technology, namely [by using] devices they already own – their phones. We also offer merchants the ability to use their transaction data for other business applications. This includes e-commerce tools, marketing automation, loyalty, payroll, and more.
New Vision 3 partner Konstantin Petrov commenting on the funding said that “We are very happy to lead the investment round in Phos and truly believe in the high potential of the company. The all-important prerequisites for success are there: a strong and visionary team with years of experience in the field, a huge under-served market of small merchants who do not accept payments other than cash and an innovative technology providing first-mover advantage. In addition, fintech is considered a strategic vertical in the investment strategy of NV3 Fund, so Phos is clearly a perfect addition to our portfolio.”
Image courtesy: SiliconCanals