Billed as Europe’s first money messaging app, Plynk announced a €25 million Series A round at the MoneyConf in Madrid this week. Swiss Privée Ltd led the round, one of the largest Series A raises in Irish history.
Cofounded by Charles Dowd and Clive Foley in 2015, Plynk connects to Facebook accounts, enabling users to send money as a message to individuals or in a group chat without incurring fees. Users create a Plynk account and receive a dedicated IBAN and virtual Mastercard. Integrations with Apple and Android Pay are in the works.
“Today marks a significant milestone for Plynk,” Mr. Dowd, a former Facebook employee, said. “From the beginning, it has been our aim to remove the complexities and awkwardness of person-to-person payments. This funding brings us closer to fulfilling this goal, first across Europe and soon worldwide.”
Plynk debuted in January and has attracted more than 6,000 Irish users. Expansions to Spain and Portugal are next up.
“Today sending a photo, video, or chat to a friend has become second nature to students, graduates and young adults,” Mr. Dowd added. “This cohort have become accustomed to the free and instant transfer of data using purely their mobile phone. This is also the generation that can see when their friend is typing. No wonder they find it hard to fathom that a bank transfer can take days.
“The intersection between social and payments is an exciting area because there is still a customer need. There is an awkwardness around sharing expenses among peers, whether it is splitting a lunch bill, sending rent to a roommate or sharing costs of a holiday like a hotel or flights. With Plynk, users send money to a name, not an account number. This turns a normally formal and uncomfortable task into a transparent, instant, social interaction. This is the change we are looking to make.”