Romanian startup SymphoPay received EUR 650,000 financing in a round led by Early Game Ventures, a fund financed mainly through the Competitiveness Operational Program. GECAD Ventures, Sparking Capital, and business angels took part in the round, Startupcafe.ro reported.
SymphoPay is a middleware platform that adds marketing capabilities and analytics to all existing POS devices turning them into actual computers. The solution provided by SymphoPay sits in between the secure servers doing the processing in the cloud and the multitude of hardware devices used by retailers and customers to accept and make payments. SymphoPay’s solution is designed for retailers who want to integrate all partner banks into one single payment terminal (either fix or mobile) which, unlike other solutions, is connected to a central platform capable to integrate marketing and loyalty campaigns in real-time.
The SymphoPay platform is already integrated with three banks and the company is in talks to add other banks and retailer networks.
“Investing in SymphoPay is consistent with our Infrastructure for innovation thesis. The middleware platform has 1) the power to solve today’s problems of banks and retailers and 2) the potential to orchestrate, streamline and ease the usage of different paying devices in the future. SymphoPay is building the payments infrastructure for the reviving brick and mortar retail industry and we want to be part of this,” Early Game Ventures explained in a blog post.
Among the companies using the SymphoPay solution are eMag, the largest online retailer in Romania, and courier service FAN Courier.
SymphoPay was established in 2015 and so far received investments of over EUR 1.4 million. In 2016, it received a EUR 550,000 capital infusion from Gecad Ventures.