Financial and business news from Bulgaria

BACB acquires 8.7% of the capital of Fire JSC and 7.78% of the capital of Painetics AD

Bulgarian-American Credit Bank recorded shares from the capital increase of the companies “Painetics” AD and “Fire” AD. On 12.03.2020 The Bank signed agreements for subscription of newly issued shares in the capital of the companies, with which it acquired 7.78% of the capital of Paynetics AD and 8.7% of the capital of Fire AD.
Paynetics AD provides payment services consisting of: transactions through payment cards or other similar instruments, issuing, processing and acceptance of payments. Paynetics is the platform that performs all payment operations in phyre. It is regulated by the Bulgarian National Bank, is a member of Visa and Mastercard.

“Fire” JSC focuses on developing innovative technological solutions such as a set of intellectual property assets, computer programs (software), databases, codes, trademarks, etc., It has the intellectual property of the application Phyre. Phyre is a digital wallet that can easily make payments at any POS terminal or online, transfer and receive money, and transactions in the phyre network are instantaneous and free of charge.

“Mobile payments and digital wallets are now part of the daily life of all active users. Their preferences and behavior have changed a lot in recent years. The fintech sector is growing, and this puts the financial industry ahead of the test of introducing innovation at the fastest possible pace. Banks very quickly need to change whole processes from their business and offer high-tech products to continue to keep up with the times. Years ago, the bank moved to the computer, and now it should already be in the user's pocket. There's a revolution in payments ahead. They need to become instant. BACB's ambitions are to quickly enter this market, so we make a strategic investment with capital participation in Fire AD and Painetics AD and this is just the beginning,” said Ms Tsvetelina Borislavova, Chairman of the Supervisory Board of BACB, on the occasion of the transaction.