Friday 18 January 2019

Plynk co-founder says Irish tech startup will overcome 'cash crunch'

Plynk founder Charles Dowd
Plynk founder Charles Dowd
Adrian Weckler

Adrian Weckler

The €25m Irish money messaging app company, Plynk, is undergoing a "funding crunch" that has led to the departure of several people from the firm, according to its chief executive.

Speaking to the Irish Independent, the co-founder of the €25m-backed firm, Charles Dowd, said the cash problems are close to being overcome and the main financiers are "committed" to the firm's future .

Plynk raised €25m last year in a round led by the European investment firm, Swiss Privé.

The service allows people to link to a bank account and send small amounts of money to one another, such as when splitting a bill at a restaurant. It is live in a couple of European countries.

However, Mr Dowd said that firm has had "some struggles around cash" and this has led to the recent departure of several people from the company.

"We had a six-month timeline to hit certain goals but it has run on three months longer than they [Swiss Privé] thought," said Mr Dowd. "So we ended up having this crunch in funding. We've had a few people leave during the struggles. Now we're in the process of wrapping that issue up and moving on to the next tranche of funding. That will happen in one or two weeks."

Mr Dowd said that the Swiss funders will continue to back the company: "They're at the table and are committed."

He added: "We're in this for the long haul. We've learned a lot from being live for a year and are planning a big revamp of the product offering. We have some big offerings coming down the line but have had three months of a painful process."

He co-founded Plynk with ex-Wonga executive Clive Foley in 2015. Linked to users' Facebook accounts, consumers can send money as a message to a single contact or in-group chats instantly and with no fees. Users receive a dedicated IBAN and virtual Mastercard for online payments.

Irish Independent

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