We’re delighted to announce that phos has closed a fundraising round of €1.3M. The round was led by New Vision 3 and also saw new angel investment in the business.
The new funding sees the total amount raised by the business increase to €2.5M, enabling phos to grow its development team to introduce new features like its SDK (Software Development Kit), PIN on Phone, and a new integrated loyalty system.
Phos was founded in 2018 and has offices in London and Bulgaria. The solution has achieved certification with VISA and Mastercard laboratories for functionality and security.
Brad Hyett, Director of phos said the funding will enable phos accelerate the move to a cashless society.
“We have an opportunity to revolutionise payment acceptance and help merchants adapt quickly to a cashless society,” Hyett said. “Recent data from Link, the ATM company, has shown that with the closure of many shops, cash usage has fallen by half. Phos helps merchants remove the need to use cash and get up and running quickly with existing hardware – NFC-enabled Android phones or tablets – rather than additional POS hardware from other vendors.
“Businesses can also run into issues with cash flow where there is a settlement delay – phos can offer near immediate settlement,” Hyett continued. “With over 33 million merchants in Europe unable to take card payments currently, the ease of deployment and speed-to-cash that phos offers customers means we are well placed to be the leader in this category.”
Konstantin Petrov, Partner at NV3, said they are delighted to invest in phos. “We are very happy to lead the investment round in phos and truly believe in the high potential of the company,” he said. “The all important prerequisites for success are there: a strong and visionary team with years of experience in the field, a huge under-served market of small merchants who do not accept payments other than cash and an innovative technology providing first-mover advantage.
“In addition, fintech is considered a strategic vertical in the investment strategy of NV3 Fund, so phos is clearly a perfect add to our portfolio.”