Phos, the fintech that created the software PoS which allows merchants to accept payments directly on their phones, has secured €2 million (approx £1.7 million) in funding ahead of its Series A round later this year.
The round was led by CM.com, provider of cloud software for Conversational Commerce. The funding round will allow the company to expand into the US and make new hires in its development team.
Besides funding, Phos has also hired Kristiyan Shahinyan as its Chief Technology Officer, two North American sales directors, and welcomed a US-based advisor to the board.
Software-only Point of Sale (SoftPoS)
Founded in 2018 by Antonina Martinova, Valeri Valtchev, and Ivo Gueorguiev, Phos aims to democratise card acceptance and payments in general.
The company has created software that can transform payment acceptance by enabling merchants to take payments directly on their NFC-enabled Android devices.
Phos’s solution can be used on any NFC Android phone and by any bank or acquirer. Phos is a payment technology provider, licensed to operate globally and certified by VISA and Mastercard laboratories for functionality and security.
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.
Right now, Phos works with companies globally, including Dutch neo bank bunq, Stanchion Payments, Tokmatech, Curb, and Maxaa.
Jeroen van Glabbeek, CEO of CM.com said: “The cooperation and investment in phos is the 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.”
Brad Hyett, CEO of phos, added: “Consumer expectations are constantly evolving, and they increasingly want the same frictionless transaction experience wherever they’re shopping. 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.”