Demo Africa 2014 top 40 alumni Irofit has raised a $600,000 in a seed round led by Inventure, a leading Nordic early-stage VC firm with participation from Solinor, a major payments-industry software development company; and Rasheed Olaoluwa, an industry expert.
Speaking to TechMoran via Email, Omoniyi Olawale, IroFit’s Founder and CEO, “The money is going to be used to finalize the platform development and launch in Nigeria. We are launching first in Nigeria, and then will expand to South Africa, followed by other African countries as we build networks and relationships in those countries. We are actively hiring developers and business development people in Nigeria. We are always on the lookout for partners all over Africa with whom to bring this solution to the continent.”
Mobile payment startup provides a seamlessly integrated mobile platform for small businesses to accept card payments and organize growing operations: all with a mobile app and an EMV-certified card reader. It also provides support for small business management tools – sales analytics, accounting, inventory management, CRM, loyalty management, payroll support etc. 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According to Ilkka Kivimaki, Partner at Inventure, “the outdated payments infrastructure is undergoing disruption around the world.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.