Nigerian-Finnish mobile payments startup IroFit has raised US$600,000 in the seed funding in a round led by Nordic early stage venture capital (VC) firm Inventure, which the company will use to finalise its proprietary platform and launch in Nigeria.
Other participants in the round included Solinor, a major payments-industry software development company, and industry expert Rasheed Olaoluwa.
IroFit’s seamlessly integrated mobile platform allows small businesses to accept card payments and organise growing operations through a mobile app and an EMV-certified card reader.
The startup also provides support for small business management tools such as sales analytics, accounting, inventory management, CRM, loyalty management and payroll support, with the proprietary technology working even in areas with no internet connection.
Ilkka Kivimaki, partner at Inventure, said: “The outdated payments infrastructure is undergoing disruption around the world. We believe IroFit has the team, technology, and service culture to address the peculiar dynamics in emerging markets in a game-changing way. They are ready for rapid growth, and we at Inventure are excited to be part of it.”
Omoniyi Olawale, IroFit founder and chief executive officer (CEO), said: “Emerging markets are the fastest growing economies in the world, and they demand solutions designed specifically for their needs, rather than repurposed services originally built for Western markets.”
Founded in 2014 in Finland, IroFit has won multiple awards for its innovative technology and service design. In addition to this funding round, the startup has also signed a major agreement with a leading financial institution which guarantees 100,000 payment devices will be available to the Nigerian market upon launch.