3 FinTech companies based in Bulgaria

By Joy Dumasia

FinTech refers to software and other modern technologies used by businesses that provide automated and improved financial services. FinTech in our daily life is Mobile Payment apps, Cryptocurrency and Blockchain like Bitcoin and Gemini. In the future, the range of FinTech services is predicted to transform the market even more with AI and machine learning and will make FinTech products an integral part of our digitalised life.

FinTech’s role in society is becoming more vital than ever, mainly due to Covid-19. FinTech can be used anywhere, by anyone meaning it becomes accessible to people who may never have taken advantage of financial services before. Through access to essential financial services such as mobile money and e-wallets, FinTech companies are helping lift people out of poverty and create a more financially inclusive world.

FinTech companies are driving real change for consumers and businesses alike. The unbundling of financial services allows FinTech start-ups and scaleups to provide more efficient and streamlined offerings and disrupt traditional banking, payment, and lending services.

The following are 3 FinTech companies based in Bulgaria:

• Payhawk

The FinTech unicorn is headquartered in London and was founded in 2018 by Hristo Borisov, Boyko Karadzhov and Konstantin Dzhengozov and is supported by renowned investors such as Lightspeed Venture Partners, Sprints Capital, Endeavor Catalyst, Greenoaks, QED Investors, Earlybird Digital East and Eleven Ventures.

IBS Intelligence reported that Payhawk announced the second iteration of its enterprise suite, Enterprise Suite 2.0. The new features include Subscription Tracking, Mileage Tracking, Oracle NetSuite API Integration, Reimbursements, Multilingual Portal and automatic Supplier IBAN checks. 

• Phos

Phos turns a merchant’s smartphone into a POS terminal, securely accepting payments from contactless cards or NFC-enabled phones and devices anywhere in the world. Phos empowers merchants to seamlessly integrate payment acceptance with a universe of additional business applications such as loyalty, vouchers, budgeting, campaign management, analytics, etc., all from their smartphones’ comfort.

IBS Intelligence reported that Phos, the FinTech behind the leading software-only Point of Sale system (SoftPoS), has partnered with a fully integrated payment solution and infrastructure provider, Paynt, to launch a white label SoftPoS app for payment service resellers.

• Paynetics

Paynetics is a leader in B2B payments and a digital banking platform provider on a mission to simplify payments. Paynetics helps its clients introduce new financial services within industry-leading time to market via its digital banking platform with multiple entry-points across card issuing and acquiring, IBAN accounts and bank transfers.

Recently, IBS Intelligence reported that Paynetics, the regulated e-money services provider, has appointed the senior commercial and sales leader, Andy Patton, as its new Chief Commercial Officer. At Paynetics, Andy will be responsible for developing and implementing breakthrough go-to-market strategies and accelerating growth.

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