It brings the total raised by Phos to date to EUR 2.5 million. According to TechCrunch, the money will be used to grow the development team.
The product will have new features, such as ‘PIN on Phone’, a Software Development Kit (SDK), and a new integrated loyalty system.
Founded in 2018, Phos has developed software that turns any NFC-equipped Android device into a payment’s terminal, negating the need for additional hardware.
In terms of go-to-market, Phos is focused on a B2B model, working with partners to distribute the product, such as banks, acquirers, PSPs/ISOs, large direct merchants, and platform players.
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