The Bulgarian Financial Technology Company Phyre Opens an Office in Romania
Bulgarian company phyre opens office in Romania, announced from there. The start-up offers a mobile phone payment service and a free transaction from one user to another through an application. phyre already has 25,000 active users in Bulgaria. The company has decided to expand its operations in Romania because of the similarity of the two markets. More and more Romanians are paying with debit or credit cards, and in the first quarter of 2018, card payments have risen 33% over the same period in 2017, according to Romanian Ziarul Financiar (zf.ro). At the same time, there is no established market leader in mobile payments and digital portfolios, and, like Bulgaria, Apple Pay and Android Pay are not yet operational.
"The attitude and behavior of the market in Romania are similar to the one in Bulgaria, with the difference that it is twice as big, considering the fact that the two countries observe the same regulatory measures imposed by the EU, it was logical to target to the north, "Konstantin Djelebov, CEO of phyre. The company has entered into a partnership with Romania's largest trader of machinery - Altex. The company has over 100 physical sites in the country, over 4,000 employees and hundreds of thousands of customers a month. In addition to technological products, the chain offers a wider range of goods - from cosmetics to car tires.
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