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NV3 and Angel Investors Bolster Croatian Prolaz with €1.3M to Revolutionize PoS Transactions

Laptop, PoS transaction
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Only have 1 minute? Here are 3 key takeaways:

  • New Vision 3 (NV3), a Bulgarian venture capital firm, recently invested €1M in Croatian company Prolaz, specializing in multi-acquiring Point of Sale (PoS) transaction processing.
  • Prolaz plans to utilize the funding for European expansion and further business growth, enabling retail merchants to process payments using a single shared POS device while maintaining existing bank-acquiring agreements.
  • With partnerships established with major banks in the SEE region and over €400M in annual payment volume processed to date, Prolaz aims to provide benefits for merchants, banks, and consumers alike.

 

New Vision 3 (NV3), a Bulgarian venture capital firm, announced a €1M investment in Croatian Prolaz, a company specializing in the field of multi-acquiring Point of Sale (PoS) transaction processing. 

This investment reflects NV3’s commitment to supporting innovative solutions that aim to revolutionize industry standards and enhance operational efficiency. Prolaz is going to utilize the funding in European expansion and scale their growth. 

Prolaz aims to redefine PoS transaction acquiring with its B2B solution, enabling retail merchants with multiple partner banks to process payments using a single shared POS device while maintaining existing bank acquiring agreements. 

The main objective is to simplify transaction processing at the cash desk and also to provide benefits to the stakeholders involved. Retailers can anticipate lower transaction expenses and enhanced automation, along with the acquisition of valuable analytical insights from their payment processing. Conversely, financial institutions have the opportunity to decrease their operational expenditure (OPEX) and boost profitability through existing merchant agreements while maintaining full control of direct acquiring relationships with merchants.

Prolaz is among the first independent providers of a multi-acquiring PoS solution in Eastern Europe and is the first one that successfully entered the Bulgarian market in 2022. 

“Their solution presents a win-win-win scenario for merchants, banks, and consumers alike, not to mention the opportunity to provide additional value-added services at the “point of sale”, shared Jordan Stoyanov, Lead Partner at NV3.

Read more:  Bulgarian InsurTech Startup Boleron Raises €2.1M To Expand Regionally

The company has established partnerships with 10 major banks in the SEE region. According to their data, Prolaz has processed over €400M in payment volume for 2023. 

“The benefits of multi-acquirer processing exist in all European countries and are only now beginning to be recognized. At the same time, new hardware is enabling additional value-added software to co-exist with multi-acquiring payment applications. We are now positioned well to capitalize on these trends,” said John Jager, Executive Director of Prolaz.

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https://therecursive.com/author/teodoraatanasova/

Teodora Atanasova is a News Editor at The Recursive. She covers everything around funding rounds, exits, startups expanding to international markets, big tech opening R&D in CEE, meaningful for the ecosystem partnerships.