SoftPOS FinTech startup Phos has secured €2m in funding as it plans a Series A round later in the year.
The new funding was led by conversational commerce outfit CM.com and will be used by Phos to expand into the US and make new hires in its development team.
Founded in 2018, Phos enables merchants to take payments directly with a card tap on Android mobiles, eliminating the need for a separate card reader.
Phos CEO Brad Hyett said, “Securing further investment helps us accelerate our expansion into new markets and support more retailers in more countries to accept high-value transactions. All while delivering a seamless shopping experience, irrespective of their size or scale.”
Merchants today are caught between consumers wanting to make contactless payments and the challenges of implementing systems that can accept cashless transactions, including hidden costs, hardware requirements, and security issues. With Visa alone having processed more than one billion contactless payments, the phos SoftPoS provides a safe and sustainable alternative to cash. It also allows merchants to digitalise effectively, offer more payment options to their customers, and ultimately grow their businesses.
The market demand for phos’ SoftPoS has helped the company win a string of clients and partner with a variety of other leading financial services companies globally, including Dutch neo bank bunq, Stanchion Payments, Tokmatech, Curb and Maxaa.
The phos SoftPoS works across a range of devices and is android agnostic. This means that merchants can download the service quickly using existing phones and tablets, negating the need for expensive hardware. Merchants also benefit from phos’ comprehensive knowledge of the payments industry’s regulation, compliance, and schemes, including the Payment Card Industry Data Security Standard, offering them critical protection and security.
CM.com CEO Jeroen van Glabbeek added, “The cooperation and investment in phos is a next step for CM.com to offer omnichannel communications and payments solutions from one single platform. Mobile payments are the future as we move towards a cashless society. Thanks to the cooperation and investment in phos together with our drive to innovate, we can provide a mobile payment solution that is affordable, easy to use and therefore accessible for merchants of all sizes. Simplifying the payment process not only for merchants but also for their customers. SoftPoS boosts contactless and mobile payments and is set to disrupt the payments market.”
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