Phos announced the securing of a €2 million funding

By Joy Dumasia

Phos, the FinTech behind the leading software-only Point of Sale system (SoftPoS), has secured €2 million in funding as it plots a course to a Series A round later in the year. Led by a 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.

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.

This clear market demand for phos’ SoftPoS has helped the company win a string of clients and partner with various leading financial services companies globally, including Dutch neo bank bunq, Stanchion Payments, Tokmatech, Curb and Maxaa.

The phos SoftPoS works across a range of devices and is android agnostic, and is 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.

Brad Hyett, CEO of phos, said: “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.”

Recently, IBS Intelligence reported that Phos, the FinTech behind the software-only Point of Sale (SoftPoS), has teamed up with German fintech Wellet to enable merchants to accept contactless payments using their smartphones.