Plynk Financial Messaging App Raises €25 million with Swiss Privée Ltd

Plynk, a European financial messaging app, has publicized the company’s success in raising €25 million at MoneyConf in Madrid, Spain. The investment was led by Swiss Privée Ltd, which serves as a private trust fund. Since the app’s soft launch back in January 2017 Plynk has gained more than 6,000 subscribers in the Irish market, using either Android or iOS. The firm’s future plans including expanding the business in Europe, with the next targets being Portugal and Spain.

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At the time of the launch, the initial target audience was people aged 18-25 because they are much more involved with social media platforms, as Charles Dowd, CEO and co-founder of Plynk, explains: “Today sending a photo, video, or chat to a friend has become second nature to students, graduates and young adults. 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.”

Mr. Dowd worked as a Product Manager at Facebook for two years between 2012-2014.

Plynk was established in 2015 at the National Development and Reform Commission (NDRC), Ireland, and then developed at the Bank of Ireland WorkBench in the Silicon Docks. In 2016, the company managed to raise €725,000 in seed investment with backup from the Bank of Ireland’s Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term and Emerging Sectors Fund. The latter is directed by Enterprise Ireland, the NDRC, venture capital firm Delta Partners, and a number of angel investors.

The app is linked to subscribers’ Facebook accounts, and allows them to send funds in a message either to an individual or a group, commission free. Another advantage is the fact that the funds are transferred immediately, rather than going through bank processing which can take up to a week.

When a client account is opened, the subscriber receives an IBAN along with a virtual version of a Mastercard for paying online. The next step would be to integrate with Apple and Android Pay systems in order to allow clients to transfer funds across several platforms.

Dowd concluded: “The intersection between social and Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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.”

Finance oriented social media apps are on the rise, as technology providers aim to offer an appropriate response to younger generations accustomed to a fast paced, internet based lifestyle. In May, Finance Magnates covered T3 Securities Inc. and Matador Trading’s new partnership, which is meant to offer mobile trading technology to the former's customers.