€25m Dublin startup Plynk boss says firm will overcome 'cash crunch'
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 co-founder and chief executive.
Speaking to Independent.ie, the co-founder of the €25m-backed firm, Charles Dowd, said that the cash problems are close to being overcome and that its main financiers are "committed" to the future of the company.
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 currently 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 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."
He said that the Swiss funders will continue to back the company.
"They’re at the table and are committed," said Dowd.
"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."
Plynk was co-founded by ex-Facebook executive Dowd and ex-Wonga executive Clive Foley in 2015.
Linked to users’ Facebook accounts, Plynk 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.