Dublin-based firm behind Plynk app lands €25m venture backing
Investors have piled into the Dublin-based company behind money-messaging app Plynk, which has raised €25m from backers led by Swiss Privee.
The investment is the second highest amount ever raised by a tech company in Ireland. In 2015, Irish chip designer Movidius raised $40m. It has since been bought by Intel.
Plynk was founded just two years ago by Charles Dowd and Clive Foley and its app was only launched in January of this year.
It enables the instant transfer of money among friends. Linked to users' Facebook accounts, Plynk users can send money instantly as a message to a single contact or in group chats, with no fees.
Mr Dowd, who previously worked at Facebook, said the investment marked a "significant milestone" for Plynk.
"From the beginning, it has been our aim to remove the complexities and awkwardness of person-to-person payments," he said, adding that the funding would enable it to expand across Europe and then worldwide.
The app, targeted at 18-25-year-olds, is only available in Ireland, where there are 6,000 users. The founders intend to make it available soon in Spain and Portugal.
When a Plynk account is created, users receive a dedicated IBAN payment identifier code and a virtual MasterCard for making online payments. There are plans to integrate Plynk with both Apple and Android Pay, enabling users to spend money across multiple outlets.
Last year, Plynk raised €725,000 in seed funding from backers including Bank of Ireland's Start-up and Emerging Sectors Equity Fund, as well as private equity group Delta Partners, Enterprise Ireland and the National Digital Research Centre. The firm was developed at the Bank of Ireland 'Workbench' in Dublin's Silicon Docks.
Mr Dowd said hiring is a "priority" for the company which is looking to expand from eight to 28 staff over the next 18 months.