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Bulgarian FinTech phyre raises €1.55 mn to boost its e-wallet platform

Bulgaria-based FinTech phyre has secured a funding of €1.55 million in a funding round led by VC fund, New Vision 3 Fund along with private investors and the Bulgarian American Credit Bank. The capital raised is expected to strengthen the development and deployment of its banking and payment e-wallet platform. It will also enable the FinTech to provide a business model combining SaaS, PaaS and BaaS and offer value-added products along with it.

Konstantin Djelebov, Co-founder and CEO of phyre, said, “When choosing partners, shared vision and values are more important than money. I’m convinced that with New Vision 3 great track record in scaling companies and BACB’s experience with both enterprise and retail clients, we will be in a much stronger position to accomplish phyre’s mission to enable our customers effortlessly execute secure payments and manage their money.”

Founded in 2017 in Sofia, phyre aims to enable large enterprises to launch their digital wallet and offer financial services in a cost-efficient manner. It allows its users to open a payment account with personal IBAN, order a physical or virtual Mastercard and facilitate contactless payments with their phone anywhere in the world. It also digitalises all loyalty cards and offers a suite of merchant services to its retails partners.

Konstantin Petrov from New Vision 3 said, “FinTech is one of the core market verticals in the investment strategy of our new fund -NewVision3 Fund – and digital payments and wallets are one of the highest growing niches within FinTech; it was therefore quite natural to look at phyre as the leading, and technologically most advanced, digital wallet company in Bulgaria. Coupled with the extremely experienced and trustworthy team, we believe the Company fits perfectly into the VC model and is destined for future success”.

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