Industry & Business

Fintech startup raises €725,000 funding

Fintech startup raises €725,000 funding

Fintech startup raises €725,000 funding
October 17
15:07 2016

A Dublin-based fintech startup has raised €725,000 in its seed funding.

Plynk, an online platform that acts as Europe’s first money messaging app, has received investment from Bank of Ireland’s Start-Up and Emerging Sectors Equity Fund. Additional funding has come from Delta Partners, Enterprise Ireland, NDRC and a number of angel investors.

The company has received mentoring from senior members of the Bank of Ireland, Customer Products, Cards and Payments Teams while the platform was being developed.

The company was originally called Bynk, but the Central Bank had advised that the name contravenes naming rules which could mean that the app was interpreted as being a bank, which it is not.

Plynk’s app works by allowing phone users chat one-on-one and in groups, and send and receive money instantly from within the chats. It allows users in Europe to open payment accounts, get a card and make payments in euro. The people behind Plynk hope to add physical cards for users in the near future.

Charles Dowd, chief executive of Plynk, says: “Today is a really significant day for Plynk and we are delighted to welcome our new investors on board. The combination of social and payments is a really exciting space and, once we bring our consumer product to market, we have ambitious plans for our business over the coming years.”

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