Mobile point of sale (MPoS) software startup phos has closed a fundraising round worth €1.3 million, led by New Vision 3 and other angel investors.

The investment sees the total amount raised increase to €2.5 million, and will be used to grow the FinTech's development team to introduce new features like PIN on Phone, its Software Development Kit (SDK) and an integrated loyalty system.

The software developed by phos turns any Android device into a payments terminal, eliminating the need for additional hardware and reducing total cost of ownership. It is designed to integrate payment acceptance with business applications for merchants, including e-commerce tools, marketing automation, loyalty and payroll.

The solution has achieved certification with VISA and Mastercard for functionality and security. In March, Mastercard unveiled a pilot PoS project with phos.

Phos was founded in 2018 and has offices in London and Bulgaria.

Brad Hyett, director at phos, said: “We have an opportunity to revolutionise payment acceptance and help merchants adapt quickly to a cashless society.

"Phos helps merchants remove the need to use cash and get up and running quickly with existing hardware - NFC-enabled Android phones or tablets - rather than additional PoS hardware from other vendors."

Konstantin Petrov, partner at NV3, added: “We are very happy to lead the investment round in phos and truly believe in the high potential of the company.

"The all important prerequisites for success are there: a strong and visionary team with years of experience in the field, a huge under-served market of small merchants who do not accept payments other than cash, and an innovative technology providing first-mover advantage.”

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