Phos, the U.K. fintech that offers a software-only PoS so that merchants can accept payments directly on their phones without the need for additional hardware, has raised €1.3 million in funding.
The round was led by New Vision 3, an early-stage VC based in Bulgaria (where a part of the Phos team is based), with participation from a number of unnamed angel investors.
It brings the total raised by Phos to date to €2.5 million, and will be used to grow the development team.
Founded in 2018, Phos has developed software that turns any NFC-equipped Android device into a payments terminal, negating the need for additional hardware and reducing total cost of ownership.
“Millions of traders and merchants do not accept card payments because they find the current hardware inconvenient or expensive,” Phos co-founder Ivo Gueorguiev tells TechCrunch .

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