Paynetics, a fintech payment service provider, has successfully raised EUR 2.5 million to expand its European business across card issuing and acquiring, account management and e-wallet solutions.
The round was lead by New Vision 3 Fund and the Bulgarian American Credit Bank
The Bulgarian fintech company Paynetics has successfully raised funding to expand its European business. Based on its solid infrastructure in acquiring, issuing, e-wallet and account management Paynetics offers a full stack end-to-end payment solutions. Driven by innovation, it has also developed and launched a number of value-added services, seamlessly integrated into the e-wallet, such as a sophisticated loyalty program and automated marketing platform.
As a result Paynetics has built a unique business model, where the provision of direct payment services is combined with Payment and Banking as a Service, as well a modular and flexible integration of value-added products and a wide set of Merchant Services.
Antonina Martinova, the CEO of Paynetics, said:
“The funding will help us further accelerate our growth and leverage more effectively on the robust infrastructure we have built as well as to expand into business lines with high value creation potential through innovation and market fist approach. We further plan to make our unique end-to-end payment and banking solution platform available directly to micro, small and medium merchants.”
The round was lead by the New Vision 3, a prominent VC fund backed by Fund Manager of Financial Instruments in Bulgaria and private investors, and the Bulgarian American Credit Bank, an innovative bank focused on sustainability and digitalisation.
Ilian Georgiev, the CEO of BACB, said:
“Finding green solutions, the digitalization of financial services and sustainable development are the key to a better and brighter future. We, at BACB, believe in investing with a cause. By supporting the further expansion of innovative payment technologies, we can be assured that our client’s needs and expectations of the ever-growing market niche will be met.”
Konstantin Petrov, a partner in from New Vision 3, said:
“The success of a Fintech company comes as a result of the quality of its product, the state-of-the-art technology, but moreover the excellence, motivation and professionalism of its team. I believe that this investment of our third generation fund, New Vision 3, supports the best-of-breed in FinTech.”
Paynetics – founded by financial sector veteran Ivo Gueorguiev and serial entrepreneur Valeri Valtchev, Paynetics is an e-money institution, providing end-to-end payment services across the EU. As a principal member of Mastercard, VISA, SWIFT and SEPA, the company is able to serve all payment needs of its clients, including card acceptance and issuance, account management and bank transfers, as well e-wallet solutions.
BACB is a financial institution that offers full banking services catering to individual and business clients’ needs. Bulgarian-American Credit Bank organizes its activities strictly abiding to three focal points: green, social and sustainable banking. BACB is a major partner in the development of resource-effective, competitive green economy in Bulgaria. The bank strives to achieve synergy between the needs of customers, responsibility to nature and its own business goals.
New Vision 3 Fund is an early-stage VC fund, successor of NEVEQ I and NEVEQ II, veterans of the VC industry in Bulgaria and the region. NV3 Fund operates from Sofia, Bulgaria and invests in tech- enabled high-growth companies aspiring to hold leadership positions in the global and/or domestic markets. The Fund is co-financed by the European Structural and Investment Funds under the Operational Program for Innovation and Competitiveness 2014-2020, managed by the Fund of Funds in Bulgaria