What IRIS Solutions does

IRIS Solutions is a Bulgarian-licensed payment institution (regulated by the Bulgarian National Bank under PSD2) that operates Open Banking infrastructure across Southeast Europe. Its core platform, IRIS PSD2 HUB, provides a unified API connecting to more than 70 banks across Bulgaria, Romania, Greece, Croatia, Cyprus, and Italy, covering an estimated 98% of the regional banking market. On top of the API, the company offers account-to-account (A2A) digital payments under the IRIS Pay and IRISPay brands, a Multibanking Digital Wallet for aggregating accounts across banks, and an in-development AI-powered SME financial management platform called FinSight.

The underlying technology stack delivers PSD2-compliant account information services and payment initiation services with reported 95% API availability, instant SEPA settlement within 10 seconds, and integration with major e-commerce platforms (SAP Commerce Cloud, Magento) plus accounting/ERP software (Microinvest, McMaster, Aurora ERP via the Alight platform). IRIS Solutions monetizes primarily through a transaction-based fee of 0.49% per successful A2A payment with no subscription, integration, or hidden fees. Customers span banks and non-bank financial institutions (Investbank, D Commerce Bank), insurance brokers (Netins Brokers), retailers and e-commerce merchants (Mr. Bricolage), utilities (Sofia Water), online pharmacies (Framar.bg), accounting firms, and freelancers across the region.

The go-to-market combines API-first product delivery, direct B2B sales to banks and large merchants, partner-led distribution through fintech and accounting platforms, and self-service onboarding via the IRISPay for Merchants mobile app on iOS and Android. With 11-50 employees, an HQ in Sofia, and regional offices in Vienna and Bucharest, the company is privately held and has raised disclosed funding of approximately $2M across a 2021 round led by Innovation Capital and a 2023 round led by New Vision 3.

Name

IRIS Solutions

Legal name

IRIS Solutions AD ("АЙРИС СОЛЮШЪНС" АД)

Website

https://irisbgsf.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

IRIS Solutions is a Bulgarian National Bank-licensed payment institution operating PSD2 Open Banking infrastructure across Southeast Europe, offering a unified API to 70+ banks and powering account-to-account payments, multibanking, and SME financial management for banks, merchants, and fintechs.

Ownership category

akta.pro rank

Product category

Open Banking & Payment Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Activities Related to Credit Intermediation (5223)

SIC

Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB)

akta.pro secondary industries

A2A Collections & Direct Account Funding (FSAMAFAH), Account Verification & Ownership (AVS/AOV, micro-deposits, auth) (FSAGACAB)

Keywords

• Open banking APIs
• Account-to-account payments
• PSD2 payment services
• Multibanking solutions
• Digital payment infrastructure

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure, Others

Revenue model

1. IRIS Pay Transaction Fees: IRIS Solutions charges a transaction fee on each successful A2A payment processed through its IRIS Pay platform. There are no monthly subscription fees, no integration fees, and no hidden costs — merchants pay only for completed transactions. This is the primary revenue stream, positioning the company as a cost-efficient alternative to card network fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels12 records

Core offering

IRIS Solutions is a Bulgarian National Bank-licensed payment institution that sells Open Banking infrastructure and account-to-account (A2A) payment services to businesses. Its core offerings include the IRIS PSD2 HUB (a unified API connecting to 70+ banks across Southeast Europe for payment initiation and account information services), IRISPay/IRIS Pay (cardless A2A payment products with QR-code, payment-link, and e-commerce checkout integrations settling via SEPA Instant in under 10 seconds), the Multibanking Digital Wallet for aggregating accounts across banks, and the FinSight AI-powered SME financial management platform (in development).

Product overview

IRIS Solutions operates as a licensed payment institution (licensed by BNB) providing Open Banking infrastructure and services across Southeast Europe. The product portfolio centers on IRIS Pay and IRISPay as the primary payment acceptance products, supported by IRIS PSD2 HUB for underlying bank connectivity and Multibanking Digital Wallet for account aggregation. IRIS Pay targets e-commerce merchants requiring API-based payment integration, while IRISPay serves physical merchants through a mobile app with QR code functionality. The IRIS PSD2 HUB serves as the foundational infrastructure enabling all services by connecting to 70+ financial institutions. FinSight (under development) will expand the portfolio with AI-powered analytics for SMEs. All products leverage account-to-account payment technology to eliminate card network intermediaries and reduce transaction costs.

Differentiator

Problem solved

Functional benefit

Brands

• IRISPay: Mobile application and platform for cardless account-to-account (A2A) digital payments via QR codes, targeting merchants in Southeast Europe.
• IRIS PSD2 HUB
• Multibanking Digital Wallet
• FinSight

Products and services

• IRIS Pay Digital payment solution for e-commerce merchants enabling account-to-account (A2A) transactions via QR code, payment link, and online checkout integration. Supports SEPA Instant payments with funds received within 10 seconds, full integration with online stores via open APIs and plugins for SAP Commerce Cloud and Magento, PSD2 and GDPR compliance, no transaction size limits, and no chargeback risk. Targeted at online merchants seeking a low-cost alternative to card payments.
• IRISPay Mobile App (IRIS Pay for Merchants) Mobile application for merchants (iOS and Android) that generates QR payment codes and accepts cardless account-to-account payments directly to a merchant's bank account. Transactions settle within 10 seconds via SEPA Instant, with a 0.49% per-transaction fee and no monthly subscriptions. Available in Bulgaria and across Southeast Europe. Targeted at physical-merchant SMBs, dental/medical clinics, insurance brokers, freelancers, and retailers.
• IRIS PSD2 HUB Central API hub providing connectivity to 70+ banks and financial institutions across Bulgaria, Romania, Greece, Croatia, Cyprus, and Italy under a single integration. Enables payment initiation services (PIS) and account information services (AIS) for third-party providers and partners, serving as the foundational infrastructure for the company's Open Banking product portfolio.
• Multibanking Digital Wallet Service allowing customers to manage multiple bank accounts from different banks in a single platform, view real-time balances and transactions, and initiate payments across all connected accounts from one interface. Delivered to banks such as Investbank AD and D Commerce Bank to enable multibanking offerings for their end customers.
• Payment Terminal Traditional payment terminal solution offered by IRIS Solutions as part of its payment acceptance infrastructure under the company's BNB-licensed payment institution framework, with general terms and conditions published on 2024-11-08.

Named customers8 records

Segments7 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability5 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• Mr. BricolageminorGTM or Marketing Partner · 5 June 2025Joint promotional campaign with Bulgarian DIY retailer Mr. Bricolage (mr-bricolage.bg) where IRISPay was offered as a payment method in the online store. Customers who paid with IRISPay during June–July 2025 were entered into a prize draw for five BGN 300 vouchers. The campaign promoted IRISPay to Mr. Bricolage's customer base.
• MicroinvestcoreTechnology or Integration · 9 April 2025Partnership with Microinvest to bring Open Banking benefits to accountants and financial managers. The integration of IRIS Solutions' account information services with Microinvest's accounting software achieves over 90% automatic creation of accounting entries, dramatically reducing manual work and operational errors.
• InvexacoreTechnology or Integration · 1 March 2025Partnership where IRIS Solutions provides real-time banking data access, automatic transaction synchronization, and secure bank connections across Europe through its Open Banking integration. This enables Invexa to offer consolidated multi-bank financial management without manual input or delayed information.
• Sistechnology / AlightcoreTechnology or Integration · 1 January 2025Partnership powering the Alight platform — a web solution that automatically posts bank statements and consolidates all bank accounts in one place. IRIS Solutions' Open Banking infrastructure enables Alight to securely access banking data in real time, automatically import statements, and initiate payments through banking systems. The service is fully integrated with Aurora ERP and McMaster accounting software.
• D Commerce BankcoreTechnology or Integration · 1 October 2024Multibanking solution partnership where IRIS Solutions provided Open Banking connectivity enabling D Commerce Bank's clients to access and manage all their bank accounts from different banks within a single application. This allows real-time visibility across accounts and direct payment initiation.
• Nula.bgcoreStrategic or Co-development Partner · 1 May 2024Partnership to enhance financial management for Bulgarian businesses. Nula.bg integrates IRIS Solutions' Open Banking technology to streamline accounting processes and provide real-time financial insights, enabling automated bank statement import and transaction reconciliation.
• BankfeedcoreTechnology or IntegrationPartnership to strengthen financial connectivity across Central and Eastern Europe. Bankfeed uses IRIS Solutions' API connectivity to extend its reach to financial institutions in Bulgaria, Romania, Croatia, and Greece, enabling Bankfeed's customers to access, process, and reconcile financial data through a single integration. The companies are jointly developing new capabilities including bulk payment export functionality.
• Bulgarian National Bank (BNB)coreStrategic or Co-development PartnerIRIS Solutions is a licensed payment institution regulated by the Bulgarian National Bank (BNB). The BNB license authorizes the company to provide payment initiation services and account information services under PSD2, with rights to passport services across the EU.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Tink: Pan-European open banking platform owned by Visa, offering PSD2-based account aggregation, payment initiation, and A2A checkout. Most directly comparable peer in technology, regulatory positioning, and go-to-market across Europe.
• TrueLayer: UK-founded open banking API provider with strong A2A payment initiation focus across the UK and EU. Direct competitor in the same PIS/AIS product category IRIS serves, with similar SEPA Instant-based payment flows.
• Yapily: European open banking infrastructure provider offering a single API for account information and payment initiation services. Comparable in product scope (PSD2 connectivity, AIS/PIS, multibanking-style aggregation) and target bank/fintech buyer.
• Klarna Kosma: Open banking division of Klarna providing financial data aggregation and payment initiation APIs to fintechs and merchants across Europe. Closely comparable product offering for PIS/AIS and A2A payment acceptance.
• Salt Edge: Open banking and account aggregation API platform with strong presence in Eastern and Central Europe. Direct comparable for bank connectivity depth, account information services, and PSD2 compliance infrastructure.
• Token.io: Open banking-powered A2A payment network with pan-European reach. Directly competes in the merchant A2A payment acceptance space that IRIS Pay targets, with similar account-to-account rails.
• Banked: Account-to-account payment platform offering pay-by-bank checkout for merchants and consumers. Comparable product to IRIS Pay, including QR/payment-link flows, with competing SEPA Instant settlement.

Broad incumbents

• Plaid: Global financial data aggregation and account connectivity platform expanding into Europe. Broader and more established incumbent in open banking data, with overlapping but more enterprise-focused product surface than IRIS.
• Stripe: Global payments platform that has begun offering pay-by-bank / A2A options in Europe. A broad incumbent whose entry into A2A represents competitive pressure on niche A2A specialists like IRIS.

Regional players

• Viva Wallet: Southeast European payment processor with strong presence in Greece, Bulgaria, Romania, and other regional markets. Comparable in geography and SME merchant base, though more card-centric vs. IRIS's A2A focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCRSwOtz6BmJrt2BCRxSwTkw
• Facebookfacebook.com/irissolutionsopenbanking
• LinkedInlinkedin.com/company/irissolutionsopenbanking
• Instagraminstagram.com/irispay_app/?hl=bg

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IRIS Solutions