Dublin-headquartered NoFrixion, a business payments startup co-founded by a bitcoin Core developer, has snagged €3.6 million in a funding round led by Delta Partners and Middlegame Ventures.
The funding comes soon after NoFrixion’s public launch of its MoneyMoov API, which bridges legacy and digital infrastructure to future-proof business payments.
Aaron Clauson, co-founder and CTO, explains: "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."
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 in a single API.
Feargal Brady, co-founder and CEO of NoFrixion (pictured), says: “Internet banking promised much which it never fully delivered, and hasn’t evolved with the instant economy. MoneyMoov connects digital payments to ERPs, accounting platforms and core business applications, cutting out internet banking, manual processing and similar inefficiencies.
"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.”
The seed round comes just 12 months after the company's launch with the backing of Enterprise Ireland. Brady says the fresh capital will be used to grow NoFrixion’s engineering and sales teams.