Phyre

What Phyre does

Phyre is a Bulgarian mobile payments fintech that operates a multi-currency digital wallet application on iOS and Android. Founded in 2018 and headquartered in Sofia at 76A James Bourchier Blvd, Hill Tower, the company is structured as Phyre EAD, a private joint-stock company, and functions as an appointed representative of Paynetics AD — a licensed e-money institution — which provides the underlying regulated authorization for issuing payment accounts and processing transactions. The product serves Bulgarian consumers and, more recently, EU residents, and consolidates a broad set of everyday financial functions: Mastercard-powered contactless payments, peer-to-peer transfers, EUR and GBP IBAN-denominated payment accounts, loyalty card aggregation, e-vignette purchases, utility bill payments, and in-app consumer credit applications.

The technical architecture is delegated by design: Paynetics AD supplies the regulated e-money and account infrastructure, Mastercard provides the card network rails, Shuftipro handles third-party KYC/identity verification, and BNP Paribas Personal Finance underwrites credit originated within the app. Partner integrations with ITS (e-vignettes), A1 Bulgaria (telco), and Cashterminal (ATM access) extend the wallet's utility beyond payments. Phyre has positioned itself less as a single-feature payment tool and more as a daily financial super-app for the Bulgarian and EU consumer market.

The business model is not explicitly disclosed but is implied to combine several streams: interchange and scheme fees on Mastercard transactions, revenue share on credit originated through BNP Paribas Personal Finance, and transactional fees on services such as utility bill payments and e-vignettes. The company has not disclosed funding rounds, revenue, or headcount, and there is no identified parent company or institutional investor on the public record. Industry recognition includes Best Mobile App 2020 (Web of the Year) and Best Fintech Startup Bulgaria 2020 (CESA).

Name

Phyre

Legal name

Phyre EAD

Website

https://phyreapp.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Phyre is a Bulgarian mobile digital wallet that offers contactless payments, P2P transfers, IBAN accounts, loyalty aggregation, and bill payments to consumers, operating on Paynetics AD's licensed e-money infrastructure with Mastercard rails.

Ownership category

akta.pro rank

Product category

Mobile Digital Wallet

NAICS

Nondepository Credit Intermediation (5222)

akta.pro primary industry

General-Purpose Digital Wallets (P2P + Merchant) (FSAMAEAA)

akta.pro secondary industries

Mobile Wallets (NFC Tap-to-Pay / HCE) (FSAMAEAB), Digital Wallet Platforms (Consumer & Merchant) (BPAMAFAC)

Keywords

• Mobile digital wallet
• Contactless payments app
• Peer-to-peer money transfers
• Virtual debit card
• Loyalty card management

Headquarters

HQ city

El Cajon

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Subscription/Account Fees: Monthly subscription fees from paid plan tiers (PLUS plan at €2.50/month) with varying benefits and fee structures
2. Transaction Fees: Fees on various transactions including IBAN transfers (€0.55 per transfer on STARTER), ATM withdrawals (€0.55-€0.77 + 0.6%), currency exchange (0.25%-1.25%)
3. Card Issuance and Maintenance: Fees for physical card issuance (€5), subsequent virtual cards (€1.27-€1.29), and monthly inactivity fees
4. Cash Deposit Fees: 1-1.5% fee on cash deposits via Cashterminal terminals
5. Card Loading Fees: 0.59% fee on card loading with various free thresholds depending on plan

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Phyre operates a mobile digital wallet application for iOS and Android that enables consumers to make contactless payments via smartphone (using Mastercard MDES on Android and Apple Pay on iOS), send and receive instant P2P transfers, manage loyalty cards digitally, and access a free EUR current account with personal IBAN. The app also bundles supplementary services including virtual and physical Mastercard issuance, e-vignette purchases, utility bill payments, and consumer credit applications facilitated through partner PB Personal Finance (BNP Paribas Personal Finance). Payment services are delivered under a licensed e-money institution (Paynetics AD) regulated by the Bulgarian National Bank.

Product overview

Phyre is a mobile digital wallet application for iOS and Android that transforms a phone into a comprehensive financial management tool. The core offering consists of the Phyre Mobile App which serves as the central platform for contactless mobile payments (via Mastercard MDES on Android and Apple Pay on iOS), instant P2P transfers within the network, QR code payments, and expense tracking with categorization. The app provides a free EUR current account with personal IBAN for receiving salary and making international transfers. Physical and virtual Phyre Mastercard debit cards enable online and POS payments with ATM cash withdrawal capability. The loyalty card wallet feature allows users to consolidate retail loyalty cards and access interactive merchant offers. Additional services include e-vignette purchases for vehicles, utility bill payments for electricity/water/telecom, and credit applications through BNP Paribas Personal Finance partner. Payment services are powered by Paynetics AD, an e-money institution licensed by the Bulgarian National Bank.

Differentiator

Problem solved

Functional benefit

Products and services

• Phyre Mobile App Digital wallet mobile application for iOS and Android that enables contactless payments via phone, P2P money transfers, and management of loyalty cards. Provides a free EUR current account with IBAN.
• Virtual Card (Phyre Mastercard) Free virtual debit Mastercard accessible through the app for online payments; users can view card number, expiry date, and CVV after entering Phyre PIN, fingerprint, or facial recognition.
• Physical Card (Phyre Mastercard) Physical debit Mastercard card delivered by courier for contactless, chip-and-PIN, and ATM cash withdrawal payments; comes with monthly maintenance fees depending on selected plan.
• EUR Current Account with IBAN Free personal IBAN in EUR for receiving salary, making transfers to IBAN worldwide, and executing payment operations with lower fees.
• Loyalty Card Wallet Virtual wallet for storing and using loyalty cards with barcode from various retailers; enables automatic notifications and interactive viewing of merchant offers and brochures.
• E-vignette Purchase Service Service for purchasing and activating electronic vignettes for vehicles (Category 3) for weekend, week, month, or year periods; available for Bulgaria-registered vehicles.
• Utility Bill Payment Service Payment service for electricity, water, and telecom bills from utility providers and government/municipal obligations directly from the Phyre account.
• Credit Application Service Credit application service in partnership with PB Personal Finance (BNP Paribas); allows checking credit limit up to €2000/4000 BGN with no fees and applying directly from the phone.

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Paynetics ADcoreStrategic or Co-development Partner · 11 April 2016Licensed e-money institution providing payment services through the Phyre app. Holds license from Bulgarian National Bank (BNB) with decision № 44 of 11.04.2016. Phyre EAD acts as representative of Paynetics under Art. 19 of Payment Services and Payment Systems Act. Paynetics handles fund transfers, card issuance, and regulatory compliance.
• MastercardcoreTechnology or IntegrationOfficial partner providing card network infrastructure. Phyre Mastercard cards enable payments at POS terminals worldwide. Partnership includes MDES (MasterCard Digital Enablement Service) for tokenization enabling mobile payments.
• BNP Paribas Personal Finance SA (Branch Bulgaria)coreChannel Partner/ Reseller/ DistributorProvides consumer credit services through the Phyre app. Users can apply for credit limits up to €2000/4000 BGN. Phyre facilitates the application process and credit repayment through its platform. BNP Paribas Personal Finance operates as specialized consumer lending institution in Bulgaria.
• Intelligent Traffic Systems AD (ИТС)minorChannel Partner/ Reseller/ DistributorProvides electronic vignette (toll pass) services. Phyre users can purchase and activate e-vignettes for vehicles through the app. ИТС operates as national toll service provider registered with Road Infrastructure Agency.
• A1 BulgariaminorChannel Partner/ Reseller/ DistributorPartner in e-vignette distribution network. Acts as technical intermediary in the system for selling electronic vignettes alongside Intelligent Traffic Systems AD and Phyre.
• Intercapital Group AD (Cashterminal)minorChannel Partner/ Reseller/ DistributorProvides Cashterminal network for cash deposits into Phyre accounts. Registered representative of Paynetics under Art. 19 of Payment Services Act. Enables cash loading service at physical terminals.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Market position

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/phyreuk
• LinkedInlinkedin.com/company/phyre
• Instagraminstagram.com/phyreapp

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

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 Phyre