Paynetics, a Sofia, Bulgaria-based provider of embedded finance solutions, acquired Phyre, a digital payments application (app) provider.
The amount of the deal was not disclosed.
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.
Phyre enables businesses to launch their own digital wallet application in just eight weeks, making it a valuable partner for companies planning to launch fintech services, optimise existing payment processes or expand the end-customer proposition. With Its technology, businesses can offer payment accounts, peer-to-peer and wire transfers, card top-ups and loyalty and referral programs. The platform boasts 300,000+ users registered across multiple industries, including telecoms, creators industry, human resources and marketing.
Founded by Ivo Gueorguiev and Valeri Valtchev, Paynetics is a provider of embedded finance solutions across the EU and the UK. The company is a principal member of Mastercard, VISA, UnionPay International, SWIFT and SEPA and offers both IBAN and UK Sort Codes. The company meets the complex payment and Banking as a Service needs of its B2B and B2B2C customers safely in one place, including card acceptance and issuance, across mobile and e-wallet, online, digital and physical cards, and POS channels, as well as account management and transfers.
FinSMEs
23/05/2023