FinTech phos raises €1.3M to expand its revolutionary software PoS in Europe as cash usage declines rapidly
- Payments , FinTech StartUps
- 14.04.2020 07:34 pm
Phos, the fintech that created the first-ever software PoS which allows merchants to accept payments directly on their phones, today announced that it has closed a fundraising round of €1.3M. The round was led by New Vision 3 and also saw new angel investment in the business. The new funding sees the total amount raised by the business increase to €2.5M, enabling phos to grow its development team to introduce new features like PIN on Phone, its Software Development Kit (SDK) and a new integrated loyalty system.
The software developed by phos offers a new method of payment acceptance via smartphones – it turns any Android device into a payments terminal, eliminating the need for additional hardware and reducing TCO (total cost of ownership). Phos offers rapid digital deployment and is uniquely phone and bank agnostic – any NFC Android phone or tablet can be used, and any bank can act as the acquirer.
Phos is designed to seamlessly integrate payment acceptance with business applications for merchants, including e-commerce tools, marketing automation, loyalty, payroll, and many others. Phos offers merchants a replacement of old and expensive technology with devices they already own – their phones - and a leapfrog for millions of underserved merchants who are hamstrung by handling costly and unsecure cash.
Phos was founded in 2018 and has offices in London and Bulgaria. The solution has achieved certification with VISA and Mastercard laboratories for functionality and security.
Brad Hyett, Director of phos said, “We have an opportunity to revolutionise payment acceptance and help merchants adapt quickly to a cashless society. Recent data from Link, the ATM company, has shown that with the closure of many shops, cash usage has fallen by half. Phos helps merchants remove the need to use cash and get up and running quickly with existing hardware – NFC-enabled Android phones or tablets – rather than additional POS hardware from other vendors. Businesses can also run into issues with cash flow where there is a settlement delay - phos can offer near immediate settlement. With over 33 million merchants in Europe unable to take card payments currently, the ease of deployment and speed-to-cash that phos offers customers means we are well placed to be the leader in this category.”
Konstantin Petrov, Partner at NV3, commented, "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 add to our portfolio."