CM. Acquires a Stake in the Fintech Company Phos
Oct 11, 2021
has acquired a $23. million (€2 million) minority stake in UK-based fintech company Phos Services Limited (Phos). Following the acquisition of the point-of-sale payment acceptance platform PayPlaza in March this year, this investment in Phos is the next step towards CM.’s goal of offering omnichannel payment and communication solutions from a single platform. 0
CM., a global leader in cloud software for Conversational Commerce, has acquired a $23. million (€2 million) minority stake in UK-based fintech company Phos Services Limited (Phos). This investment will enable Phos to expand into the United States and make new hires to expand its development team. In addition, both companies have signed a strategic collaboration agreement. SoftPOS, the Phos-developed solution offered by CM, allows merchants to easily turn their Android device (PDA, smartphone, or tablet) into a secure payment terminal, without additional hardware costs or maintenance contracts. To make a payment, the customer simply swipes their card or phone (in case of using Apple Pay or Google Pay) on the back of the merchant’s Android device. If you want to find more details about the recent partnership between CM. and the fintech company Phos, download for free the Born2Invest mobile app. Our companion app brings you the most important business news of the day so you can stay informed. Unlike other players in the market, the CM.app powered by Phos also supports payments over $58 (€50)
Customers can securely enter their PIN on the merchant’s device or approve the payment via Apple Pay or Google Pay, as the app meets the highest VISA and Mastercard security standards. This will make payments faster and more secure. Since this technology is perfectly suited to the events and hospitality sector, CM.deployed SoftPOS at the last Formula 1 Dutch Grand Prix, making it the first cashless event of this magnitude. SoftPOS is scalable and useful for sectors such as large retail chains, where it has helped reduce checkout times by enabling store staff to collect cash on the spot in the aisles. Other sectors can also benefit from its advantages, such as hospitality, events, cab drivers, or delivery services, helping them to accelerate their digital transformation. For Jeroen van Glabbeek, CEO of CM: “Mobile payments are the future as we move towards a cashless society. Thanks to this partnership with Phos and our drive for innovation, we are able to offer an affordable, easy-to-use, and therefore accessible mobile payment solution for merchants of all sizes. By simplifying the payment process not only for merchants but also for their customers, SoftPOS drives contactless payments and is set to revolutionize this market. The business potential of SoftPOS is enormous, as can be seen in Apple’s recent acquisition of Mobeewave.”
Following the acquisition of the point-of-sale payment acceptance platform PayPlaza in March this year, this investment in Phos is the next step towards CM.’s goal of offering omnichannel payment and communication solutions from a single platform. __
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information. This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures . First published in murcia.com , a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail. Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.