Dublin-based fintech NoFrixion has raised €3.6m as the company looks to increase headcount.
The funding round was led by Delta Partners and Middlegame Ventures and joined by Furthr VC.
NoFrixion, which was launched 12 months ago, enables instant payment for e-commerce and offline transactions.
The company was co-founded by Feargal Brady and Aaron Clauson. The pair previously founded and later sold cloud-based telecommunications provider Blueface to Comcast.
Following the funding round, NoFrixion hopes to grow its engineering and sales teams.
NoFrixion now has customers in Ireland, UK, Belgium and Portugal and has also signed several large systems integrators.
The funding follows the launch of NoFrixion’s MoneyMoov API, which aims to bridge the gap between legacy and digital infrastructure. It also simplifies payment automation and reconciliations.
Mr Clausen, who is now CTO of NoFrixion, said the vision is to support merchants with existing payment networks and prepare them for future networks which will be based on digital wallets stored on a mobile phone.
“NoFrixion’s platform is built to support digital wallets and the Bitcoin Lightning network from day one,” he said.
“Getting paid and making payments has become increasingly expensive and complicated,” said co-founder and chief executive Feargal Brady.
“We’re transforming that underlying infrastructure, driving towards instant low-cost value transfer – both offline and online.”