Bulgarian VC invests in local fintechs

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New Vision 3, a Bulgarian venture capital firm backed in part by European Union grants to encourage SMB innovation, has announced it's dividing a $2.7 million investment among three Bulgarian fintech firms.

Recipients of the funding round include Paynetics, which offers B2B and B2C payment processing services within Bulgaria and across Europe; phyre, which offers a white-label digital wallet, and Phos Bulgaria, a mobile payments technology firm, according to a Friday press release.

Additional investment funds provided by Bulgarian-American Credit Bank brought Paynetics' total funding amount in this round to $2.8 million and Phyre's total to $1.7 million, the release said.

“I believe that with these investments, our new fund, New Vision 3, supports the best companies in the fintech sector," said Konstantin Petrov, New Vision 3's managing partner, in the release.

New Vision 3, which succeeded previous VC funds NEVEQ1 and NEVEQII, is backed by Bulgaria's Fund of Funds, which committed to invest a total of $21 million in Bulgaria's fintech sector through the EU's European Structural and Investment Funds 2014-2020 program, according to the release.

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