The Venture Codex

Participated · Series A · Apr 2022

ZirooPay builds EMV-certified mobile POS hardware and an Android application that lets small businesses process card payments and manage sales and bookkeeping. Its differentiator is a patented offline-first technology that processes transactions in real time without an internet connection, delivering about a 95% transaction success rate versus under 50% in the market. The platform targets retail, agency banking, hospitality and services merchants and has driven migration from paper accounting—over 70% of users adopt in-app sales accounting within three months. ZirooPay reports more than 15,000 merchants on its platform who have processed roughly $500 million across 10 million transactions. The company plans to use new funding to expand its payment infrastructure, broaden its product suite, add additional payment channels and build an omnichannel system for merchants while accelerating growth and growing the team. ZirooPay is Lagos- and Helsinki-based. IroFit is a Helsinki‑based Finnish startup offering a mobile app and EMV‑certified card reader that lets small businesses accept card payments. Its distinguishing feature is an "internet‑free" technology that transmits encrypted card transaction data over basic GSM channels (USSD/SMS) to enable real‑time processing without data connectivity. The company has filed a U.S. patent for this proprietary transmission method. The hardware supports Chip‑and‑PIN and NFC, and the platform includes business management tools such as sales analytics, accounting, inventory management, CRM, loyalty management, and payroll support. Initial testing in Nigeria showed the solution delivered greater than 95% connection success rates versus less than 50% aggregate for the country. While the mPOS is the first product, the platform is designed to also handle wallet applications, cryptocurrencies, in‑app payments, and microlending for small businesses.