Dublin-based Plynk, a money messaging app, has raised €25 million Series A. The round was led by private investment trust Swiss Privée Ltd.
Plynk was founded in 2015 to address the need for an easy-to-use app to enable money transfers among friends. The app is linked to Facebook accounts, and users can send money as a message with no fees. When a user creates an account, they receive an IBAN and virtual Mastercard for online payments.
“Today marks a significant milestone for Plynk. 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,” said Charles Dowd, CEO and Co-Founder of Plynk in a statement.
With the capital increase, Plynk plans to expand further into Europe, becoming the continent's leading money transfer service. The company's users current users are based in Ireland and the app intends to spread into Spain and Portugal next.
“Our growth plan is simple: ‘become a verb, in every European language.’ Over 2017, we will use this secured funding to expand into new markets as well as add GBP to our platform. Hiring will also be a priority, adding more team members to continue development on our core product and to build more features unique to the social payments industry,” added Dowd.
Read more: PE Hub (Press release)