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Mobile payments firm Settle enters Bulgaria

Source: Settle

Starting today, Bulgarians can send and receive money, instantly for free with an app that requires no top-up. Businesses can accept digital payments using only their name.

Settle Group adds Bulgaria as their 22nd market, making Settle the largest collaborative mobile payment network in Europe.

No top up required
Up until now, sending money with your phone in Bulgaria has been limited to those who are willing to set up a new bank account and top up that account before payments can be made. Bulgarians can now download the Settle app and connect their card, or use money they receive from others. There is no top-up requirement and you simply pay as you go. You don't even have to create or own a bank account.

Open for everyone
Settle does not require the users to have a bank account, and you can enroll in 30 seconds. You get a free Settle Account, where you receive and store funds sent to your phone number. If you do have a bank account, funds can be transferred to that account for free. With Settle you can send, receive and pay to businesses without having to wait for a tedious identification process to be completed.

Create a secure and personalized space in the Settle app
Bulgarians will be able to take advantage of the military grade security of the Settle app, keeping their money, but also their chat conversations private and confidential. Funds kept with Settle are safely stored under the supervision of the Norwegian financial supervisory authorities.

Grow your business in spite of the pandemic
Settle provides businesses with a wide range of self service and integrated payment solutions. There are no signup or monthly fees. Settle only charges a per transaction fee, when you actually sell something. Payments received with Settle are automatically settled to the bank account of the business, in any Bulgarian bank.

Settle offers a variety of ways for businesses to accept payments. Some examples include Settle Request and Settle Quick, enabling businesses to sell, get paid and manage orders in a pandemic-safe way. Marketing products and services and getting paid remotely, without any exchange of bacteria or viruses has never been easier.

Creating valuable connections
As part of the launch in Bulgaria, Settle Group has established a local daughter company, Settle Bulgaria, jointly owned and financed with local partners, ensuring the establishment of local jobs and local value creation.

“At Settle, we are passionate about creating valuable connections between people and businesses. It has never been more important to enable such connections, as people stay at home and businesses need new ways to serve their clients and keep the wheels turning. We provide the tools to make payments, ordering and serving clients easy, in a pandemic-safe way. We also care about local value creation and we are proud of our local partnerships and the team we have set up to help digitize Bulgaria further with Settle.” - Daniel R. Döderlein, CEO & Founder, Settle Group.

Local distribution and partnerships
Settle is a pan-european mobile payment service, available as of today in 22 european markets. Like most payment networks, Settle relies on local partnerships and distribution in each individual market. The technology, operations, financial licensing and product development is done on a group level, run from Settle Group headquarters in Oslo, Norway. Settle Bulgaria is in charge of the local markets development and manages the distribution partnerships that Settle Group has set up to reach as many consumers and businesses in Bulgaria as possible.

“Our first local partnership is with Management Financial Group. Their strong position as a financial services entity and credit provider, not only in Bulgaria, but across the region, is a powerful asset for Settle. We look forward to announcing the next partners who will join our distribution network. Settle is unique in its partnering model, enabling strong local brands to benefit from mobile payment services, without having to build it themselves. It’s a win-win for all stakeholders.” - Daniel R. Döderlein, CEO & Founder, Settle Group.

“We are in a constant search for practical and useful high-tech solutions and innovative business models, aiming to include them in the evolving fin-tech ecosystem of Management Financial Group. With the introduction of Settle in Bulgaria one more time we prove to be an actual incubator for developing modern and intuitive financial products that are helping people with their daily lives.” - Stanimir Vassilev and Nedelcho Spassov majority shareholders, MFG.

“This is how our customers get the opportunity to benefit from the ever increasing pool of services making their lives more comfortable, easy and providing more opportunities for improvement and development.” - Antonia Sabeva CEO, MFG. 

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