Fintech company Phos Bulgaria has attracted financing of 1 million euro ($1.1 million) in a funding round led by venture capital fund New Vision 3 (NV3), the latter said.
Financial technologies are considered a strategic sector in the investment strategy of the fund, while payments and digital wallets are verticals with some of the fastest growth rates in the financial technologies sector, Konstantin Petrov, managing partner at NV3 said in a statement published on the fund’s website at the end of last month.
Phos Bulgaria is among the first three investments of the early-stage venture capital fund. At the end of March, Bulgarian fintech companies Paynetics and phyre said they have received 2.5 million euro and 1.55 million euro, respectively, in two funding rounds led by Bulgarian-American Credit Bank (BACB) and NV3.
“The success of each FinTech company depends on the quality of its product, the use of a modern technology stack, and the motivation and professionalism of its team. I believe that with these investments, our new fund, New Vision 3, supports the best companies in the fintech sector”, Petrov said.
Phos Bulgaria operates in the field of payment services and develops a technological solution enabling contactless payment acceptance without a traditional hardware POS terminal, designed specifically for small and medium merchants.
The leading co-investor in the NV3 fund is Fund of Funds in Bulgaria with a commitment of 19.1 million euro provided by EU’s operational programme Innovation and Competitiveness 2014-2020, co-financed by the European Structural and Investment Funds.