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Phos was one of the ten entrepreneurs Raiffeisenbank Bulgaria chose to present their products and concepts in front of a jury as part of the third edition of Elevator Lab, the CEE wide fintech accelerator of the bank.
After a day of mentoring and pitching sessions, two companies were selected. Phos, a software solution that turns Android smartphones into POS terminals, is the big winner and receives a wildcard to pitch directly on the global semifinals of Elevator Lab Challenge. Phos will also start a PoC with the local bank branch.
Yoanna Genova, manager at Digital Banking and Innovation Department and also the coordinator of Elevator Lab in Bulgaria said that they had some of the best-known players of the fintech ecosystem pitching.
According to Daniel Aleksiev, who is leading the same department, every year the fintech ecosystem is maturing, and so is the challenge.
“We’ll continue our conversations with almost all of the participants, as even the early-stage companies presented solutions that are of interest to our clients”, he said.
According to Istvan Kovacs, fintech Partnerships Manager, Raiffeisen Bank International (RBI), the companies attending the Elevator Lab Challenge Bulgaria have a very serious opportunity to scale up their products in multiple markets.
“For me, it was truly an amazing opportunity to experience the vivid Bulgarian Fintech ecosystem live and in person, and finally see how many customer-oriented, cutting-edge, yet straightforwardly implementable innovative Fintech solutions are on the local market. Personally, I’d be really glad to see for example Phos doing a proof of concept in multiple Raiffeisen banks in the region in the near future”, shared Istvan Kovacs.
Phos, part of the Bulgarian Paynetics group, started as a concept three years ago and spun off a bit later. Led by Ivo Gueorguiev, Phos has developed a mobile application for Android devices that turns them into POS terminals and thus eliminates the need for additional hardware products. Once launched on the market, Phos will allow micro, small and midsized merchants to easily onboard and offer contactless payments to their clients.
“Phos perfectly fits our strategy, and I think this solution could significantly enhance the businesses of our clients – small and medium-sized companies. It will allow them to have POS terminals faster and easier without the whole installation and onboarding process they would need otherwise”, commented Daniel Aleksiev.