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Bulgarian payment firms score funding

Bulgarian payment firms score funding

Bulgarian payment startups Paynetics and phyre have both closed funding rounds led by VC New Vision 3 and Bulgarian American Credit Bank.

Paynetics, which has raised EUR2.5 million, and phyre, which has attracted EUR1.55 million, were both founded by Bulgarian FS veteran Ivo Gueorguiev and serial entrepreneur Valeri Valtchev.

Paynetics is an e-money institution providing merchants with a host of payment services, such as acquiring, issuing, e-wallet and account management.

Meanwhile, phyre has developed a platform designed to make it easy for large enterprises to launch their own digital wallets. Bulgarian telcos A1 and Vivacom are among its users.

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