Thursday 21 June 2018

Irish money messaging startup Plynk faces liquidation

Adrian Weckler

Adrian Weckler

Plynk Ltd, the Dublin-based startup that announced a €25m funding round last year, has scheduled a creditors meeting for the appointment of a liquidator later this month.

Its money messaging app, 'Plynk' was set up to let people send small amounts of money to one another on smartphones.

The company’s chief executive, Charles Dowd, said in March that the firm was undergoing a “funding crunch”, leading to the departure of several people from the firm.

Since then, co-founder Clive Foley has joined another company, LiveTiles, as chief technical architect.

A spokesman for the company was unavailable to immediately comment.

Plynk has struggled to gain traction in a payments market dominated by billion-dollar companies such as Circle and Square. Apple and Facebook have also recently entered the market.

The bulk of the company’s €25m in funding commitments were from the European investment firm, Swiss Privé. However, it is unclear how much, if any, of that funding was drawn down.

Enterprise Ireland and the NDRC are also listed as shareholders in the startup.

Plynk was co-founded by ex-Facebook executive Dowd and ex-Wonga executive Foley in 2015.

The service was set up to let people send small amounts of money to one another, such as when splitting a bill at a restaurant. It launched in a couple of European countries.

Linked to users’ Facebook accounts, the service was set up to send money as a message to a single contact or in-group chats instantly and with no fees. It was designed to facilitate a dedicated IBAN and virtual Mastercard for online payments.

Speaking to Independent.ie in March, co-founder and CEO Charles Dowd said that the service was experiencing a “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.”

The creditor meeting is scheduled to take place in Dublin on June 27th.

Online Editors

Business Newsletter

Read the leading stories from the world of Business.

Also in Business