Bulgarian fintech startups Paynetics and phyre get funding from New Vision 3 and Bulgarian American Credit Bank

Bulgarian VC fund New Vision 3 and the Bulgarian American Credit Bank (BACB) have made new investments in two Sofia-based fintech startups. Paynetics, a payment service provider, received €2.5 million; and phyre, an e-wallet platform, received €1.55 million. “Fintech is one of the core market verticals in the investment strategy of our new fund — NewVision3 Fund — and digital payments and wallets are one of the highest growing niches within fintech,” said Konstanin Petrov of New Vision 3. The fund is backed by Fund Manager of Financial Instruments in Bulgaria.

Paynetics provides end-to-end payment solutions in Europe, such as card acceptance and issuance, account management and bank transfers, and e-wallets. Users can integrate other services, such as a loyalty program or automated marketing. With the new funding, CEO Antonina Martinova said the business will expand its services to micro, small and medium merchants.

Phyre is an e-wallet platform that uses Paynetic’s digital payment services. With customers such as telecom companies A1 and Vivacom, the startup offers Payment-as-a-Service and Banking-as-a-Service to enterprise.