Following recognition as a VASP earlier this year, NoFrixion can now further deploy its MoneyMoov platform to make payments instant.
Irish fintech start-up NoFrixion announced today (27 September) that it has been granted electronic money institution (EMI) authorisation by the Central Bank of Ireland.
The new status means that NoFrixion now has regulatory approval to deploy its MoneyMoov platform, which aims to bridge legacy and digital infrastructure while also simplifying payments automation and reconciliation.
Based in Dublin, the start-up was launched in 2021 by Feargal Brady and Aaron Clauson with the mission to make business payments instant.
Using a process it calls experiential payments, NoFrixion aims to make it easier for a business to pay and get paid and reduce the associated costs.
Businesses using NoFrixion technology can replace their day-to-day payments with a connected current account and native access to international networks including the Bitcoin Lightning Network – an additional layer of payment protocol over bitcoin that enables faster transactions.
Earlier this year, the start-up was also granted Virtual Asset Service Provider (VASP) registration by the Central Bank of Ireland.
Brady said that businesses spend “millions of hours a year” searching through “archaic internet banking services, trying to work out who paid what” – a problem he claims can be solved using MoneyMoov.
“Obtaining this authorisation from the Central Bank of Ireland is a testament to the incredible team here in NoFrixion. It enables us to get on with the digital transformation of money movement and reconciliation,” Brady said.
“Ireland is developing a fantastic fintech ecosystem – all the ingredients are here. Great talent, outstanding entrepreneurs, and support from the Department of Finance, Enterprise Ireland, the Central Bank Innovation Hub, Fintech Ireland and more.”
In less than 24 months, NoFrixion has raised nearly €5m in venture capital funding as demand for its platform grows. Last October, the fintech raised €3.6m in seed funding led by Delta Partners and Middlegame Ventures with backing from Furthr VC.
NoFrixion was recognised as the Digital Banking Platform of the Year at the recent National Fintech Awards in Ireland.
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