Paynetics agrees to acquire payments app provider Phyre

By Gloria Methri

Bulgaria-based digital banking platform Paynetics has reportedly agreed to acquire Phyre, a digital payments application provider in Europe. The acquisition will enable Paynetics’ B2B clients to distribute financial products directly to their end-customer with a branded solution and total app control and ownership.

Founded in 2015, Phyre is one of Europe’s leading providers of white-label digital financial apps today. The platform helps businesses to launch their own branded payment app in just eight weeks, allowing both FinTechs and established businesses to quickly and economically take products to market.

The app enables businesses to deliver mobile apps with a complete set of pre-integrated payment services. The platform boasts 300,000+ users registered across multiple industries, including telecoms, creators industry, human resources, and marketing. Phyre is also a pioneer in deploying plug-and-play Software Development Kits (SDKs), allowing app developers to include ApplePay™ and GooglePay™ seamlessly into their end-user experience.

Executive Chairman at Paynetics, Ivo Gueorguiev said, “The acquisition of Phyre compliments Paynetics’ existing embedded finance proposition by adding a full range of front-end capabilities, including fully functioning white-label apps and discrete components for our partners to create a wide range of banking and payments apps. Paynetics is committed to providing a complete range of embedded finance components and services via multiple channels to create robust, innovative, and scalable financial products that can be delivered quickly while meeting all the requirements of the highly regulated financial market.”

CEO at Phyre, Konstantin Djelebov said, “From our inception, we have had a close working relationship with Paynetics and have jointly created some of the leading digital banking and payments products in Europe. Joining the Paynetics team was the next logical step in developing our business. Together, we can provide the full solution to our partners so that they can quickly develop world-class customer propositions in the digital payments arena.”