Bucharest-based SymphoPay is a point-of-sale payments platform for retailers who want to integrate all partner banks into a single payment terminal, which can be fixed or mobile, and is connected to a central platform capable of integrating marketing and loyalty campaigns. SymphoPay also allows multiple merchants to use a single terminal, enabling payment solutions for couriers, insurance brokers, or payment collection networks.
The startup has just raised €650k in a round led by Romanian VC Early Game Ventures, with participation from GECAD Ventures, Sparking Capital and business angels. Founded in 2015, the startup has so far raised over €1.4 million.
“Retailers are constantly looking for solutions to increase sales and customer loyalty,” said Daniel Nicolescu, CEO of SymphoPay. “A huge competitive advantage is gained by integrating payments with the entire retail process, given that at the time of payment we have the unique opportunity to propose new offers to the customer, restarting the cycle of a new sale.”
The SymphoPay platform is already integrated with three banks, and is in advanced discussions with other banks and retailer networks. The solution is certified by Visa and MasterCard and compliant with the PCI-DSS security standard. Among the companies using the SymphoPay solution are FAN Courier and eMAG. Retailers can easily integrate SymphoPay through API protocols for Windows and Android operating systems. For banks, integration involves the setting of a VPN secure channel, the platform being able to fully emulate the existing communications protocols of the banks.
“The SymphoPay Platform solves banks’ and retailers’ current problems and, at the same time, has the potential to orchestrate future integration of other payment solutions such as QR codes or mobile payments,” said Radu Stoicoviciu, Partner at Early Game Ventures. “This is the strategic importance of SymphoPay’s middleware platform.”