IroFit, a Helsinki, Finland-based mobile payments startup, raised $600k in seed funding.
The round was led by Inventure, with participation from Solinor, a payments industry software developer, and Rasheed Olaoluwa.
The company intends to use the funds to further develop the platform and launch the service in Nigeria.
Led by co-founder and CEO Omoniyi Olawale, IroFit provides small businesses in developing countries with a platform to accept card payments via a mobile app and “EMV-certified” card reader. Its patent-pending technology employs universally available basic GSM connectivity and processes card transactions in real time without an Internet connection.