Another Bulgarian payments startup closes funding this week

Bulgaria-based payments company Paynetics has closed a new €2.5m investment round.

The capital injection was supplied by Bulgarian American Credit Bank and VC New Vision 3, according to reports in the media. These two investors also recently completed the €1.55m funding round of fellow Bulgarian payments company phyre.

Paynetics builds various payment solutions including card acquiring and issuing, account management, bank transfers and e-wallets. The end-to-end payments solution also supports mobile point of sale processing technology and can be easily integrated with existing infrastructure through its APIs.

There appears to be a lot of appetite in the Bulgarian payments space at the moment. Earlier in the month, Payhawk closed a €3m seed round to support it grow its presence in Germany.

The round was led by Earlybird’s Digital East Fund, while contributions also came from a handful of European investors.

Bulgaria’s government is trying to encourage the creation and development of FinTech companies in the country. It recently announced a new sandbox programme in its capital city Sofia, with the aim of helping supporting entrepreneurs and established financial institutions developer FinTech solutions.

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