# IroFit

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/irofit

- Industry: Software
- Headquarters: Kuopio, Finland
- Website: www.irofit.com
- Total disclosed funding: $12M
- Latest round: Series A (Apr 5, 2022)
- Investors on record: 6

## About

IroFit is a fintech company providing innovative mobile payment solutions designed to empower small business owners with efficient, portable payment processing capabilities.IroFit, founded in 2014 in Kuopio, Finland, specializes in mobile payment solutions. The company has undergone strategic adjustments since its inception, focusing on enhancing its payment infrastructure. The founders, Olusola Olawale and Omoniyi Olawale, bring significant experience to the company. IroFit recently completed its Series A funding round on April 5, 2022, securing USD 11.4 mn from lead investor Zrosk Investment Management, alongside participation from Exotix Advisory, Fedha Capital, and returning investor Inventure. This funding marks the total amount raised to USD 11.4 mn across four deals.IroFit offers a mobile payment solution through its flagship product, ZirooPay. This system features an ultra-portable card reader that enables small business owners to accept various payments, including debit, credit, and loyalty cards. ZirooPay operates through secure GSM channels, ensuring functionality even without a continuous internet connection. The application, compatible with Android, allows users to categorize products, manage discounts, and send customizable e-receipts, primarily catering to small businesses, particularly in Nigeria, where internet reliability is a challenge.For the year 2022, IroFit reported a revenue of USD 71,910.10. The company operates on a transaction-based model, generating revenue through fees associated with payment processing on the ZirooPay platform. This structure is designed to enhance the payment experience for merchants and their customers, facilitating direct-to-consumer transactions.IroFit plans to utilize the recently raised USD 11.4 mn in Series A funding to expand its payment infrastructure, accelerate growth, and strengthen its workforce. The company is looking to introduce new products and enhance its offerings, addressing specific market needs. Additionally, IroFit aims to expand its services to new markets beyond Nigeria, further solidifying its presence in the mobile payment sector.

## Funding rounds

- Series A, Apr 5, 2022, $11M — Inventure, Zrosk Investment Management, Fedha Capital, Exotix Advisory
- Seed, Apr 28, 2017 — Village Capital
- Seed, Nov 10, 2014, $0.6M — Inventure, Solinor

## Investors

- Inventure (https://capitalatlas.ai/funds/inventure) — Seed, Series A
- Solinor — Seed
- Village Capital (https://capitalatlas.ai/funds/village-capital) — Seed
- Zrosk Investment Management (https://capitalatlas.ai/funds/zrosk-investment-management) — Series A
- Fedha Capital (https://capitalatlas.ai/funds/fedha-capital) — Series A
- Exotix Advisory — Series A