59. Phos

Company: Phos

Founders: Brad Hyett and Ivo Gueorguiev

Website: https://phos.cloud/

Business: FinTech that enables merchants to accept payments directly on their phones


About Phos

Phos is a UK based fintech that enables merchants to accept payments directly on their phones. Our leading software point of sale (softPOS) technology turns any NFC-enabled mobile device into a payments terminal, helping the world’s leading banks, retailers, and other payment businesses to meet the growing demand for contactless payment flows.

The company was founded by Brad Hyett and financial services veteran Ivo Gueorguiev.

Many merchants are caught between consumers wanting to make contactless payments and the challenges of implementing systems that can accept cashless transactions. Challenges such as hidden costs, hardware requirements, and security issues.

Hence, banking institutions and financial payment service providers adopt Phos’ SoftPoS technology to provide merchants with a safe and sustainable alternative to cash. It also allows merchants to digitalise effectively, offer more payment options to their customers, and ultimately grow their businesses.

This clear market demand for SoftPoS technology has helped the company win a string of clients and partner with a variety of other leading financial services companies globally, including Dutch neo bank bunq, Stanchion Payments, Tokmatech, Eazy Financial Services, Tokmatech, JCC, and Maxaa.




They have continued to grow since their launch in 2018. In 2020, they raised €1.4m to expand the team in the UK and Europe. And in August of this year, they secured €2 million in funding to bring SoftPos to the North American market.

Although Phos started with payments, they don’t stop there. There is a whole ecosystem of value added functionality they can now look to bring into our service and from which partners can benefit.

These may be solutions they build in house or market-leading solutions to which they connect the application. Accounting platforms, mobile order solutions, and lending platforms are all requirements they are currently seeing from customers. But there’s no limit to where Phos can go.

One of the challenges Phos has faced, in the beginning, was dealing with the constantly changing regulations in this space. But this is something they were able to anticipate, as this is the norm for any cutting edge technology in a regulated environment.

Moreover, like many other companies, they were not immune to the pandemic. When most of the world went into lockdown and face-to-face transactions were reduced to a fraction of the usual numbers, it caused a minor delay in the usage of their technology.

However, as parts of the world start to come out of lockdown, there is an openness to new solutions and an acceptance of new technology.

The pandemic caused the global demand for contactless payments to increase. And this influx of demand for contactless payment solutions accelerated Phos’ growth globally.

They are constantly looking at the future trends in payments that they can easily incorporate into our app. For example, they are already looking at incorporating open banking payments which brings more cost efficiencies, immediate fund transfers, and other options like cryptocurrency acceptance in-store.

Phos is built on innovation and making it easier for merchants to deploy the technology their customers want.


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