Launched only 12 months ago, NoFrixion will use the investment to grow its engineering and sales teams.
Irish fintech NoFrixion has raised €3.6m in seed funding to invest in its business payments offering and to grow its team.
The funding, which comes just 12 months after the company launched, was led by Delta Partners and Middlegame Ventures with backing from Furthr VC.
NoFrixion is on a mission to make business payments instant. Using a process it calls experiential payments, NoFrixion aims to make it easier for a business to pay and get paid, and reduce the associated costs.
CEO and co-founder Feargal Brady said that the start-up is “fundamentally changing the simplicity and velocity of moving money for businesses” at a time when payments are becoming “increasingly expensive and complicated”.
“We’re transforming that underlying infrastructure, driving towards instant, low-cost value transfer – both offline and online. We’re thrilled to bring together leading Irish and international investors who get this vision and support our mission to eliminate barriers to the instant economy”.
Businesses using NoFrixion technology can replace their day-to-day payments operations with a connected current account and native access to international payments networks including the Bitcoin Lightning Network – an additional layer of payment protocol over bitcoin that enables faster transactions.
NoFrixion recently launched its MoneyMoov API, which aims to bridge legacy and digital infrastructure while also simplifying payments automation and reconciliation.
Brady thinks that while internet banking promised much, it never “fully delivered and hasn’t evolved with the instant economy”.
“MoneyMoov connects digital payments to ERPs, accounting platforms and core business applications, cutting out internet banking, manual processing and similar inefficiencies. It significantly reduces the time and cost overhead of moving money,” he said.
CTO and co-founder Aaron Clauson added that MoneyMoov can help developers to incorporate multiple payment options covering cards, open banking – including SEPA and Faster Payments – and the Lightning Network in a single API.
NoFrixion is headquartered in Dublin and has customers across Ireland, the UK, Belgium and Portugal. The start-up, which is supported by Enterprise Ireland, will use the fresh funding to grow its engineering and sales teams.
“We’ve assembled a world-class engineering team, with experience across traditional payments, but also with extraordinary bitcoin, security and user interface design expertise,” added Brady.
“We’re meeting the challenges of the instant economy and building new digital rails to make commerce quicker, easier and cheaper.”
10 things you need to know direct to your inbox every weekday. Sign up for the Daily Brief, Silicon Republic’s digest of essential sci-tech news.