Norwegian financial technology group Settle said on Monday it entered the Bulgarian market by launching its application for instant mobile payments in the country.
Settle Group will operate through a local unit, Settle Bulgaria, incorporated as a joint venture with local strategic partners, the group said in an e-mailed statement.
Bulgaria is the third country in which Settle Group sets up a unit and the 22nd market in Europe in which the Settle application is functional, according to the statement. With the application, individual users can instantly send, receive and manage their money via their mobile phone.
Settle Group said it relies on local partnerships in each of the markets where it operates. Technology, operations, financial licensing, and product development are run from the group’s headquarters in Oslo. Settle Bulgaria will be in charge of local market development and management of distribution partnerships.
Settle Group said that its first local partnership has been established with Management Financial Group – a Sofia-based financial services provider which incorporates leading companies specialising in non-bank financial services in Central and Eastern Europe.
The team behind Settle Group, which was founded in 2010, developed the first mobile payments platform in the Nordics (mCASH) and launched the first mobile payments solution in Norway, impacting the lives of millions of people and helping to fundamentally change the way people pay and get paid in Scandinavia. Now Settle Group is on a mission to expand all over Europe, according to information published on the company’s LinkedIn profile.