IroFit’s CEO reveals to e27 that the startup is interested in India, China, the Philippines, Indonesia, Malaysia and Thailand
Image credit: IroFit
Helsinki-based ‘Internet-free’ mobile payments startup IroFit today announced it has raised US$600,000 from leading Nordic early-stage VC firm Inventure.
The startup revealed to e27 that it is eyeing at least six emerging markets in Asia for its soon-to-launch service. “We have been building/seeking partnerships to facilitate market entry and scaling in the major emerging markets. In Asia, we are interested in India, China, the Philippines, Indonesia, Malaysia and Thailand. We are, of course, open to opportunities in other emerging markets with a growing market,” said Omoniyi Olawale, CEO, IroFit.
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In a press release, IroFit described its unique payments solution service as follows:
IroFit provides a seamlessly integrated mobile platform for small businesses to accept card payments and organise 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.
Solinor, a major payments-industry software development company, and Rasheed Olaoluwa, an industry expert, also participated in the seed round. Irofit said the seed fund will be used to finalise its proprietary platform and launch the service in Nigeria.
e27 has reached out for further comment on IroFit’s interests in Southeast Asia
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