The acquisition will enable Paynetics’ B2B clients to distribute financial products directly to their end-customer with a branded solution and total app control and ownership.

Phyre was founded in 2015 and has evolved into a leading provider of white-label digital financial apps. The platform enables businesses to launch their own branded payment app in just eight weeks, significantly reducing the time, cost and effort of building and maintaining such projects, allowing both fintechs and established businesses to quickly and economically take products to market.

The app enables businesses to deliver feature-rich mobile apps with a complete set of pre-integrated payment services. The platform boasts 300,000+ users registered across multiple industries, including telecoms, creators industry, human resources and marketing. On top of this, Phyre is a trailblazer in deploying plug-and-play Software Development Kits (SDKs), allowing app developers to include ApplePay™ and GooglePay™ seamlessly into their end-user experience.

The acquisition comes when the world is in a different payment era. Apps are replacing the physical card, and with rising costs, economic uncertainty, and inflation, business owners need a cost-efficient way to expand and grow. Phyre offers the utility, capability, security and sustainability a business requires to take the edge over competitors and meet the payment needs of the modern customer.

Executive Chairman at Paynetics, Ivo Gueorguiev said: “The acquisition of Phyre compliments Paynetics’ existing embedded finance proposition by adding a full range of front-end capabilities, including fully functioning white-label apps and discrete components for our partners to create a wide range of banking and payments apps. Paynetics is committed to providing a complete range of embedded finance components and services via multiple channels to create robust, innovative and scalable financial products that can be delivered quickly while meeting all the requirements of the highly regulated financial market.”

CEO at Phyre, Konstantin Djelebov said: “From our inception, we have had a close working relationship with Paynetics and have jointly created some of the leading digital banking and payments products in Europe. Joining the Paynetics team was the next logical step in developing our business. Together, we can provide the full solution to our partners so that they can quickly develop world-class customer propositions in the digital payments arena. I am excited to join the executive management team within Paynetics and look forward to helping develop the leading European embedded finance organisation.”