4 companies are making waves in the FinTech industry in Bulgaria

By Gloria Methri

Bulgaria is fast becoming a leading hub for financial technology start-ups in Southeast Europe. There are 223 FinTech start-ups in the country, 173 of which are headquartered in the capital Sofia alone. The city is known for having the second fastest broadband service in the world.

The lower cost of living compared to the rest of the EU also contributes to the growth of start-ups in Bulgaria. By 2023, the market’s largest segment is predicted to be digital payments with a total transaction value of $3,520 million.

Let’s look at four startups that are revolutionizing the FinTech space in Bulgaria.

Cash Credit is an innovative FinTech company that offers microfinance services in collaboration with mobile operators and other partners. The company uses a proprietary credit scoring approach to offer fast credit decisions to consumers, with billing through their partner carriers. Headquartered in Sofia, Cash Credit collaborates with the country’s two largest mobile network operators, MTEL and GLOBUL.

phyre is a mobile payment application. Users must register themselves and load the account using a payment card. Phyre offers loyalty cards that can be scanned using the app to complete payments. It also offers bill splitting. The app, available on Android and iOS platforms, can be used to send money and save loyalty and rewards cards. It requires a monthly fee of €1.

Founded in 2015, Klear is a peer-to-peer lending platform that connects borrowers with lenders. It also offers financial education tools and debt counseling.

iCard is a FinTech company that delivers innovative end-to-end payment solutions in over 30 countries in Europe. The company’s FinTech portfolio spans not only the iCard digital wallet, but also iCard for Business, card issuance and transaction processing with iCard Direct, ATMs from iCard ATM, prepaid cards from GiftCard and many more.

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