April 5 (SeeNews) - Romanian IT group GECAD said on Tuesday it is investing 550,000 euro ($624,804) in SymphoPay, a startup which allows merchants and banks to centralize in a single platform card payments made through smart POS.
SymphoPay is a startup founded last year which allows merchants and banks to centralize in a single platform card payments made through smart POS, with benefits for payment operations and marketing actions.
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"By investing in SymphoPay we intend to initiate a change in both financial services and traditional retail," GECAD founding Partner Radu Georgescu said.
The commercial launch of the platform will take place over several months, GECAD said in a statement.
SymphoPay, founded in 2015, employs ten people.
This is GECAD's second investment in a fintech company this year, after SmartBill.
GECAD was established as a software company in 1992 and had its first big hit in 2003, when the RAV antivirus techology it has developed in 1994 was bought by Microsoft.
In 2004, it launched eCommerce company GECAD ePayment, of which Naspers Group's MIH Allegro acquired a majority stake in 2010.
In 2005, GECAD created Avangate, an international provider of electronic software for software publishers which was bought in 2013 by American private equity firm Francisco Partners.
Over the last years, the group became a major investor in IT startups in Romania, including Vector Watch, Gluru, PawSquad and Coinzone.
($=0.8803 euro)