March 30 (SeeNews) - Bulgarian fintech company Paynetics said it has received 2.5 million euro ($2.8 million) in a funding round led by Bulgarian-American Credit Bank (BACB) and venture capital fund New Vision 3.
Paynetics plans to invest the money in expansion of its European business for issuing and accepting of payment cards, managing payment accounts and technological e-wallet solutions, the company said in a press release on Friday.
The fresh financing will help the company to accelerate its growth and to develop new business ideas and concepts based on innovative solutions and products, Antonina Martinova, executive director at Paynetics said.
"Our goal is to make our platform, which offers a full range of payment solutions, directly accessible to micro, small and medium-sized enterprises," Martinova said.
The company partners with digital wallet platform phyre to which it provides the platform executing all payment-related transactions. On Friday, phyre said it has raised 1.55 million euro in a funding round also led by BACB and New Vision 3.
Paynetics is an e-money company which offers end-to-end payment and banking solutions for merchants, through business partnerships and directly.
($ = 0.90359 euro)