Launched just 12 months ago, NoFrixion will use the latest investment to expand its engineering and sales teams.
Irish fintech NoFrixion has raised €3.6 million in seed funding to invest in its business payments offering and expand its team.
The funding was announced today (October 3), just 12 months after the company was launched last year. The investment was led by Delta Partners and Middlegame Ventures with support from Furthr VC.
NoFrixion is on a mission to make business payments instantly. Using a process called experiential payments, NoFrixion aims to make it easy for a business to pay and get paid and reduce the cost of making payments by up to 95pc.
CEO and co-founder Feargal Brady said the startup, which has operations across Ireland, the UK, Belgium and Portugal, is “fundamentally changing the ease and speed of moving money for businesses” at a time when payments are becoming “increasingly” expensive and complicated” .
“We are transforming the underlying infrastructure, driving towards immediate low-cost value transfer – both offline and online. We are excited to bring together leading Irish and international investors who get this vision and support our mission to eliminate barriers to instant finance.
Businesses using NoFrixion technology can replace their daily payment operations with a smart, connected checking account and native access to international payment networks including the Bitcoin Lightning Network – an additional layer of payment protocol over bitcoin that enables faster transactions.
The company recently launched the MoneyMoov API which aims to bridge legacy and digital infrastructure while simplifying payment automation and reconciliation.
Brady believes that while online banking promised a lot, it has never “fully delivered and has not evolved with instant economics”.
“MoneyMoov connects digital payments to ERPs, accounting platforms and core business applications, reducing online banking, manual processing and similar inefficiencies. It significantly reduces the time and cost of moving money,” he said.
CTO and co-founder Aaron Clauson added that MoneyMoov can help developers incorporate multiple payment options covering cards, open banking — including SEPA and FasterPayments — and Bitcoin Lightning into a single API.
Dublin-headquartered NoFrixion will use the latest funding to expand its engineering and sales teams.
“We have assembled a world-class engineering team, with experience across traditional payments, but also with extraordinary bitcoin, security and user interface design expertise,” Brady added.
“We are meeting the challenges of instant finance and building new digital rails to make commerce faster, easier and cheaper.”
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