NoFrixion, a Dublin fintech with a focus on business payments, has announced a €3.6m funding round led by Delta Partners and Middlegame Ventures and joined by Furthr VC.
The company recently launched MoneyMoov API, which it says bridges legacy and digital infrastructure while simplifying payments automation and reconciliations.
According to a July 2022 allotment filing, Delta has invested €1.2m, with the Ireland Smart Tech Fund Limited Partnership investing €500,000.
The angel investors who participated in the July funding round were Tom Kennedy (€150,000), David O’Reilly (€100,000) and Paddy Holohan (€100,000).
Black Label Diagnostics, controlled by Johnny Walker, invested €250,000, while taxpayers are on board through a €150,000 investment from Enterprise Ireland.
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NoFrixion said the capital raised will be used to grow NoFrixion’s engineering and sales teams.
The company, established in August 2020, had previously raised €450,000 in equity funding, and start-up losses amounted to €260,000 in December 2021.
Feargal Brady, co-founder and CEO, commented: “We’re fundamentally changing the simplicity and velocity of moving money for businesses. We are transforming that underlying infrastructure, driving towards instant low cost value transfer - both offline and online.
“We are thrilled to bring together leading Irish and International investors who get this vision, and support our mission to eliminate barriers to the instant economy.”
Brady was a co-founder and CEO of Blueface, now owned by Comcast, and resides in in Vilamoura in Portgual.
He said NoFrixion’s mission is to enable money to move instantly, using a process the firm calls ‘Experiential Payments’.
“You can’t have an instant economy when it takes ten minutes to pay, and a week for the business to receive funds,” said Brady (52). “NoFrixion not only fixes these problems, but it can also cut the cost of taking those payments by up to 95%.
“Business can replace their day-to-day payments operations, with a smart, connected current account and native access to international payments networks, including the Bitcoin Lightning network.
“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.”
NoFrixion’s engineering team is led by Aaron Clauson, co-founder and CTO.
“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,” he said.
“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.”
VC investors Patrick Pinschmidt and Maurice Roche will join Kate Hotten and Kieran McLoughlin as non-executive board directors.
