Internet-free mobile payment startup, IroFit, raises $600K in seed funding led by Inventure

Revolutionary startup brings integrated mobile payments to small businesses in emerging markets

HELSINKI 11.11.2014

Mobile payment startup IroFit announced today that it raised $600,000 in the seed round led by Inventure, a leading Nordic early-stage VC firm. Other participants in the round include Solinor, a major payments- industry software development company, and Rasheed Olaoluwa, an industry expert. The funds will be used to finalize IroFit’s proprietary platform and launch the service in Nigeria.

IroFit provides a seamlessly integrated mobile platform for small businesses to accept card payments and organize growing operations: all with a mobile appand an EMV-certified card reader. It also provides support for small business management tools - sales analytics, accounting, inventory management, CRM, loyalty management, and payroll support. The proprietary technology works even in areas with no Internet connection, uniquely positioning IroFit to serve merchants in fast-growing emerging markets.

According to Ilkka Kivimaki, Partner at Inventure, “the outdated payments infrastructure is undergoing disruption around the world.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.”

“Emerging markets are the fastest growing economies in the world”, said Omoniyi Olawale, IroFit’s Founder and CEO, “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 already won multiple awards for their innovative technology and service design. In addition to the funding round, IroFit simultaneously signed a major agreement with a leading financial institution, to be announced at a later date, which guarantees a hundred thousand payment devices will be available to the Nigerian market upon launch.


More information:

Omoniyi Olawale, CEO, IroFit
+358 44 347 7722
omoniyi.olawale@irofit.com

Ekaterina Gianelli, Director, Inventure
+358 44 317 3470
ekaterina@inventure.fi

About IroFit

IroFit is a mobile platform that provides integrated payment services to small businesses. In addition, it offers support for small business management tools, thus serving as a ‘central command centre’ for small business operations. The patent-pending platform processes secure card payments in real-time, even without an Internet connection, bringing unrivaled accessibility to merchants in emerging markets. For more information, please visit www.irofit.com.

About Inventure

Inventure is a leading early-stage venture capital company in the Nordics and Baltics. Inventure invests in innovative and fast-growing companies, led byexceptional entrepreneurs and willing to disrupt their industries. Inventure’s team is a great mix of experienced entrepreneurs, industry experts, and investment professionals committed to help start-ups build global success stories. Inventure operates in Helsinki, Shanghai, and New York. For more information, please visit www.inventure.fi.

About Us

Helsinki Business Hub, the regional development agency for the Finnish capital region, makes Helsinki the best place in Europe to accelerate business. We enable foreign companies to establish their businesses and innovation-driven companies to grow and develop in Helsinki. Helsinki Business Hub receives its funding from public sources – from the cities of Helsinki, Espoo, Vantaa and Kauniainen as well as the Uusimaa Regional Council.

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