Paynetics to Acquire Payments App Provider Phyre

Paynetics has agreed to acquire Phyre, one of Europe's leading digital payments application (app) providers.

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. 

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."

(Source: Finextra)