Bulgarian fintech company phyre said on Friday that it has raised 1.55 million euro ($1.71 million) in a funding round led by Bulgarian-American Credit Bank (BACB) and venture capital fund New Vision 3.
Phyre intends to invest the funds in the development of its multi-functional e-wallet platform, the company said in a statement.
"I am convinced that with the proven success of New Vision 3 in developing and growing companies and with the solid experience of BACB in corporate and retail banking we will be in a much stronger position to fulfil phyre's mission," Konstantin Djelebov, co-founder and CEO of phyre, said.
Phyre, established in 2017, is a digital wallet platform that allows its users to shop anywhere with a POS and online. The company partners with e-money company Paynetics which provides the platform executing all payment-related transactions in phyre.