Phos raises €2M for its contactless mobile payment acceptance solution

Phos' solution is easy to implement and "uniquely" phone and bank agnostic, thus any bank may function as the acquirer.

Main Highlights

Phos, a fintech firm that enables retailers to take card payments directly on their phone or tablet, has raised €2 million in investment as it prepares for a Series A round later this year. This recent investment round, led by CM.com, a global pioneer in cloud software for conversational commerce, will help the firm to grow into the US and make new recruits to its development team.

Many retailers are trapped between the desire of customers to make contactless payments and the difficulties of developing systems that can handle cashless transactions, which include hidden costs, technology requirements, and security concerns. With Visa alone processing over one billion contactless payments, the Phos SoftPoS offers a secure and long-term alternative to cash. It also enables merchants to successfully digitalize, provide more payment alternatives to their consumers, and, ultimately, grow their companies.

This obvious market needs for its SoftPoS has enabled the business to acquire a slew of clients and form strategic alliances with a number of other top financial services organizations across the world, including Dutch neo bank bunq, Stanchion Payments, Tokmatech, Curb, and Maxaa.

Phos founders

Phos was founded in 2018 and has created software that converts any NFC-enabled handset into a payments terminal. Thus, eliminating the need for extra hardware and lowering the total cost of ownership. The firm claims that its solution is easy to implement and “uniquely” phone and bank agnostic, meaning that any bank may function as the acquirer.

How does Phos work?

In terms of distribution, it is focusing on a B2B strategy, with fintech collaborating with partners such as banks, acquirers, PSPs/ISOs, major direct merchants, and platform players. Phos enables quick digital adoption and is phone and bank-neutral – it works with any NFC Android phone, any bank, or acquirer.

It easily combines payment acceptance with a plethora of merchant-specific business applications, such as data-driven e-commerce tools, automated marketing, loyalty, payroll, and so on. The firm provides retailers with a simple, high-value-added solution to replace obsolete and expensive technology, as well as a leapfrog for millions of neglected merchants who are still dealing with pricey and insecure cash. It is compatible with the latest payment mechanisms, including QR-based wallets.

Collaborations

“The partnership and investment in Phos is a further step for CM.com to offer omnichannel communications and payments solutions from a single platform,” said Jeroen van Glabbeek, CEO of CM.com. As we progress toward a cashless world, mobile payments are the way of the future. The firm says it can deliver a mobile payment solution that is inexpensive, simple to use, and therefore accessible to merchants of all sizes because of its collaboration and investments.

Simplifying the payment procedure for retailers as well as for consumers. SoftPoS accelerates contactless and mobile payments and is poised to revolutionize the payments industry. In addition to CM.com, a number of previous investors boosted their stakes in Phos to support the company’s worldwide expansion.

“Consumer expectations are always shifting, and they increasingly demand the same seamless transaction experience everywhere they shop,” said Brad Hyett, CEO of Phos. Securing more funding allows them to accelerate their growth into new areas and assist more shops in more countries in accepting high-value transactions. All while providing a seamless shopping experience, regardless of size or scale.

Founded in 2018, SoftPoS operates across a variety of devices and is Android agnostic, as well as being less expensive and easier to use than competing solutions. This implies that retailers can rapidly download the service using current phones and tablets, eliminating the need for costly gear.

Merchants also benefit from Phos’ extensive understanding of payments industry legislation, compliance, and schemes, such as the Payment Card Industry Data Security Standard, which provides them with crucial protection and security.

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