UK-based phos secures €2 million for its contactless payment acceptance solution for mobile

Phos, the fintech company that allows merchants to accept card payments directly on their phone or devices, has secured €2 million in funding as it plots a course to a Series A round later in the year. Led by global leader in cloud software for conversational commerce, CM.com, this recent funding round will allow the company to expand into the US and make new hires in its development team. 

Many merchants are caught between consumers wanting to make contactless payments and the challenges of implementing systems that can accept cashless transactions, including hidden costs, hardware requirements, and security issues. With Visa alone having processed more than one billion contactless payments, the phos SoftPoS provides 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 phos’ SoftPoS 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, Curb and Maxaa. 

Jeroen van Glabbeek, CEO of CM.com said: “The cooperation and investment in phos is a next step for CM.com to offer omnichannel communications and payments solutions from one single platform. Mobile payments are the future as we move towards a cashless society. Thanks to the cooperation and investment in phos together with our drive to innovate, we can provide a mobile payment solution that is affordable, easy to use and therefore accessible for merchants of all sizes. Simplifying the payment process not only for merchants but also for their customers. SoftPoS boosts contactless and mobile payments and is set to disrupt the payments market.”

As well as CM.com, a number of existing investors increased their investments in phos to support the business as it seeks to expand globally. 

Brad Hyett, CEO of phos, added: “Consumer expectations are constantly evolving, and they increasingly want the same frictionless transaction experience wherever they’re shopping. Securing further investment helps us accelerate our expansion into new markets and support more retailers in more countries to accept high value transactions. All while delivering a seamless shopping experience, irrespective of their size or scale.”

Founded in 2018, the phos SoftPoS works across a range of devices and is android agnostic, as well as being more affordable and simpler to use than alternative systems. This means that merchants can download the service quickly using existing phones and tablets, negating the need for expensive hardware. 

Merchants also benefit from phos’ comprehensive knowledge of the payments industry’s regulation, compliance, and schemes, including the Payment Card Industry Data Security Standard, offering them critical protection and security.