Plynk, a Dublin, EIRE-based money messaging app, raised €25m in Series A funding.
The round was led by private investment trust Swiss Privée Ltd.
The company will use the funds to expand across Europe, with eyes on Spain and Portugal next, and worldwide, add GBP to the platform, and hire more team members to continue development on the core product and to build more features.
Co-founded in 2015 by Charles Dowd and Clive Foley, Plynk provides a consumer application that enables instant transfer of money among friends. Linked to users’ Facebook accounts, users can send money as a message to a single contact or in group chats instantly and with no fees. Once a Plynk account is created, users receive a dedicated IBAN and virtual Mastercard for online payments.
In addition, the application plans to integrate with both Apple and Android Pay, enabling users to spend their money across multiple outlets.
Following a soft launch in January 2017, it already has over 6,000 users across Android and iOS within the Irish market.
The Plynk app, today available for iOS and Android, launched in January 2017 initially targeting the 18-25 market. In October 2016, the company raised €725k in seed funding with backing from Bank of Ireland’s Start-Up and Emerging Sectors Equity Fund, managed by venture capital firm Delta Partners, Enterprise Ireland, the NDRC and a number of angel investors.
Now a team of eight, Plynk has over 20 roles in engineering and growth to fill in the next 18 months.