Paynetics to acquire payments app provider Phyre

Thursday 25 May 2023 09:06 CET | News

Bulgaria-based e-money institution Paynetics has agreed to acquire Phyre, a ditial payments application provider.


The acquisition will enable Paynetics’ B2B clients to distribute financial products directly to their end-customer with a branded solution and total app control and ownership.

Bulgaria-based e-money institution Paynetics has agreed to acquire Phyre, a ditial payments application provider.

Phyre’s market expertise

Phyre was founded in 2015 and has evolved into a provider of white-label digital financial apps. The platform enables businesses to launch their own branded payment app in just eight weeks, significantly reducing the time, cost, and effort of building and maintaining such projects, allowing both fintechs and established businesses to quickly and economically take products to market.

The app enables businesses to deliver feature-rich mobile apps with a complete set of pre-integrated payment services. The platform boasts 300,000+ users registered across multiple industries, including telecoms, creators industry, human resources, and marketing. On top of this, Phyre deploys plug-and-play Software Development Kits (SDKs), allowing app developers to include ApplePay and GooglePay seamlessly into their end-user experience.

Facilitating businesses to adapt to changing consumer behaviour

The acquisition comes when the world is in a different payment era, as per the press release. Apps are replacing the physical card, and with rising costs, economic uncertainty, and inflation, business owners need a cost-efficient way to expand and grow. Phyre offers the utility, capability, security, and sustainability a business requires to take the edge over competitors and meet the payment needs of the modern customer.

Officials from Paynetics said the acquisition of Phyre compliments Paynetics' existing embedded finance proposition by adding a full range of front-end capabilities, including fully functioning white-label apps and discrete components for their partners to create a wide range of banking and payments apps. Paynetics is committed to providing a complete range of embedded finance components and services via multiple channels to create robust, innovative, and scalable financial products that can be delivered quickly while meeting all the requirements of the highly regulated financial market.

Also commenting on this acquisition, representatives from Phyre stated that from their inception, they have had a close working relationship with Paynetics and have jointly created digital banking and payments products in Europe. Joining the Paynetics team was the next logical step in developing their business. Together, they can provide the full solution to their partners so that they can quickly develop world-class customer propositions in the digital payments arena.

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Keywords: mobile payments, digital banking, acquisition, Apple Pay, Google Pay
Categories: Payments & Commerce
Companies: Paynetics, Phyre
Countries: Europe
This article is part of category

Payments & Commerce




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