Bulgaria’s phyre collects €1.55m in funding

phyre, a Bulgarian payments startup, has reportedly netted €1.55m in funding.

The round was backed by Bulgarian American Credit Bank and VC New Vision 3, according to various reports in the media. Both of these firms recently supported the €2.5m funding round of fellow Bulgarian payment company Paynetics earlier this week.

phyre offers a mobile app which helps consumers better manage their money. Users can access free current accounts for Bulgarian Lev or Euros and then pay at any point-of-sale terminal with their smartphone.

Furthermore, users can connect their loyalty cards to the app, receive notifications on each transaction and have automated categorisation of spending to help monitor budgets. The app also supports direct bank transfers and the ability to send and receive payments via scanning QR codes.

A physical and virtual Mastercard can be taken out by the user to help them withdraw cash or pay in stores with a card instead of their phone.

There appears to be a lot of appetite in the Bulgarian payments space at the moment. Earlier in the month, Payhawk closed a €3m seed round to support it grow its presence in Germany. The startup designs payment processing technology which supports               transaction methods including ACH payments, loyalty cards, bill payments and more.

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