4 Bulgarian Firms Are Prone To Leading The FinTech Industry
Southeast Europe’s premier start-up hotspot for financial technology is quickly emerging in Bulgaria. There are 223 FinTech start-ups in the nation, with 173 of them having their headquarters in Sofia, the capital. The second-fastest broadband provider in the whole globe is also available in this city.
The rise of start-ups in Bulgaria is also aided by the country’s cheaper cost of living when compared to the rest of the EU. With a projected $3,520 million in total transaction value in 2023, digital payments are expected to be the market’s largest sector.
Four of the most prominent firms are as follows:
Cash Credit for Better Loans in Fintech
A new FinTech start-up called Cash Credit provides microfinance in association with mobile telecom providers and other partners. In order to provide customers with proprietary credit scoring and billing through its partner operators, the firm employs a unique and fast credit scoring system. With its headquarters in Sofia, Cash Credit collaborates with MTEL and GLOBUL, the two biggest mobile network carriers in the nation.
Phyre Mobile Payment App
This app for mobile payments is called Phyre. Users must create an account and fund it using credit or debit cards. To complete transactions, Phyre offers loyalty cards that may be scanned using the app. It also provides bill splitting. Money may be sent and saved via the app, which is accessible on iOS and Android devices. It costs one euro every month.
Klear Lendind Network
Klear is a peer-to-peer lending network that links borrowers and lenders. It was established in 2015. It also provides resources for financial education and debt guidance.
A FinTech business called iCard offers cutting-edge end-to-end payment solutions in more than 30 European nations. The company’s FinTech portfolio includes the iCard digital wallet in addition to iCard for Business, iCard Direct for card issuance and transaction processing, iCard ATM for cash machines, GiftCard for prepaid cards, and many other services.