Phos, the UK fintech that offers a software-only POS for smartphones, raises €1.3M –
Summary
Phos, the U.K. fintech that offers a software-only PoS so that merchants can accept payments directly on their phones without the need for additional hardware, has raised €1.3 million in funding. Founded in 2018, Phos has developed software that turns any NFC-equipped Android device into a payments terminal, negating the need for additional hardware and reducing total cost of ownership. “Millions of traders and merchants do not accept card payments because they find the current hardware inconvenient or expensive,” Phos co-founder Ivo Gueorguiev tells TechCrunch. In terms of go-to-market, Phos is focused on a B2B model, seeing the fintech work with partners to distribute the product, such as banks, acquirers, PSPs/ISOs, large direct merchants, and platform players. The all important prerequisites for success are there: a strong and visionary team with years of experience in the field, a huge under-served market of small merchants who do not accept payments other than cash and an innovative technology providing first-mover advantage.
Funding
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