Phos, the U.K. fintech that proposals a software-only PoS so that sellers can accept remittances instantly on their telephones without the need for added equipment, has raised EUR1. 3 million in funding. The round was led by New Vision 3, an early-stage VC based in Bulgaria( where a part of the Phos team is based ), with participation from a number of unnamed angel investors.
It returns the total raised by Phos to date to EUR2. 5 million, and will be used to grow the occurrence team. This “il be seeing” brand-new features introduced, such as’ PIN on Phone ‘, a Software Development Kit( SDK ), and a brand-new integrated patriotism system.
Founded in 2018, Phos has developed software that turns any NFC-equipped Android device into support payments terminal, disproving the need for additional hardware and reducing total cost of ownership. The startup says its solution is quick to deploy, and is “uniquely” phone and bank agnostic i.e. any bank can act as the acquirer.
” Millions of buyers and shopkeepers do not accept card remittances because they find the current hardware inconvenient or expensive ,” Phos co-founder Ivo Gueorguiev tells TechCrunch.” Most of the brokers who accept placard fees find the cost of ownership of the hardware high,[ while the] current POS hardware offers no added importance, with the exception of very expensive smart terminals like Clover “.
To remedy this, Gueorguiev says Phos’ technology abides contactless poster remittances instantly on Android phones and other Android machines without the need for added equipment, as well as curing brokers make better help of data.
” We offer shopkeepers an alternative to age-old and expensive technology, namely[ by expend] inventions they already own- their telephones ,” he illustrates.” We likewise volunteer brokers the ability to use their transaction data for other business works. This includes e-commerce tools, commerce automation, patriotism, payroll, and more.
In periods of go-to-market, Phos is focused on a B2B model, experiencing the fintech work with partners to distribute the commodity, such as banks, acquirers, PSPs/ ISOs, big direct shopkeepers, and scaffold players.
” The final user of the product will be mostly brokers at the long posterior of the business, who are notoriously difficult to reach in a cost effective way ,” lends Gueorguiev.
He quotes help lawsuits as small-scale sellers and grocery merchants, where traditional POS mixtures are not appropriate due to costs and maintenance publications; direct sales and multilevel sell; escorts and bringing assistances (” in certain markets’ spend on delivery’ is still a predominant payment method with over 90% in cash ,” says Gueorguiev ); tradespeople; taxi drivers; guarantee realm sales; and even vast retailers that can empower sales beings to close marketings in the aisles and abbreviate queues.
Adds Konstantin Petrov, Partner at NV3:” We are very happy to lead the financing round in phos and absolutely believe in the high potential of the company. The all important prerequisites for success are there: a strong and utopian crew with years of experience in the field, a huge under-served market of small-time sellers who do not accept payments other than cash and an innovative engineering adding first-mover advantage. In addition, fintech is considered a strategic vertical in the financing approach of NV3 Fund, so phos is clearly a perfect is in addition to our portfolio .”
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