NoFrixion is focused on revolutionising business payments.
Payments player NoFrixion has raised €3.6m in a round led by Delta Partners, Middlegame Ventures and Furthr VC.
The capital will be used to grow NoFrixion’s engineering and sales teams, transforming how businesses pay and get paid in the digital economy.
“Internet banking promised much, which it never fully delivered, and hasn’t evolved with the instant economy”
“We’re fundamentally changing the simplicity and velocity of moving money for businesses,” said Feargal Brady, co-founder and CEO of NoFrixion.
“Getting paid and making payments has become 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.”
Instant economy
The funding comes soon after NoFrixion’s public launch of its MoneyMoov API, bridging legacy and digital infrastructure while simplifying payments automation and reconciliations.
With customers in Ireland, UK, Belgium and Portugal, the company is leading the charge towards a fully digital payments landscape, with large systems integrators already signing up as partners.
NoFrixion’s Engineering team is led by Aaron Clauson, co-founder and CTO, and a Bitcoin Core developer.
“The technical vision behind NoFrixion is to support merchants with today’s payment networks – predominantly cards and bank transfer, while being ready for the networks of the future, which will be based on digital wallets stored on customer’s mobile devices.
“NoFrixion’s platform is built to support digital wallets and the Bitcoin Lightning network from day one. NoFrixion has deep expertise in Bitcoin, Bitcoin Lightning and related technologies. For developers, the NoFrixion MoneyMoov API can allow them to incorporate multiple payment options covering: cards, open banking (including SEPA and FasterPayments) and Bitcoin Lightning; all in a single API,” Clauson said.
Brady said NoFrixion’s mission is to enable money to move instantly – to make it easy to pay and get paid using a proven process they call Experiential Payments – making the payment process either invisible or an enjoyable event.
“Internet banking promised much, which 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. We’ve assembled a world-class engineering team, with experience across traditional payments, but also with extraordinary bitcoin, security and user interface design expertise. We’re meeting the challenges of the instant economy, and building new digital rails to make commerce quicker, easier and cheaper.”
Lead investor Delta has a strong track record with more than 120 investee companies to date and has realised €1.8bn from companies such as Clavis, Neuravi and SensL, to name a few.
Bank of Ireland and Enterprise Ireland are cornerstone investors in a new fund targeting €70m led by Delta Partners. The fund is also supported by Fexco and several family offices.
It plans to invest in 30 of Ireland’s most innovative and exciting start-ups over the next three to four years and it has already invested in six businesses, including VisionR, Gigable and LegitFit,
