Irish money messaging app Plynk has secured €25 million in its recent Series A round. The investment round was led by Swiss Privée Ltd, which is a private investment trust. The fintech firm’s next step is to launch the product in the UK and Europe.
The fundraising round
The €25 million investment round was led by the Swizz private investment trust. The trust’s high investment in a Series A round is rather unusual, as this stage generally attracts investment only from venture capital and private equity investors. According to Business Insider, the money-messaging app didn’t want to release any more information about the investment at this stage and the trust’s representatives have not put out any official comment.
However, the investment has broken records in many ways. Aside from attracting the investment from a relatively unusual source, the investment is also the second highest amount raised by a tech company in Ireland. The top spot is held by Movidius, as the chip designer secured $40m in 2015. Intel has since bought the tech firm.
Plynk has only raised money in one previous round. In 2016, it secured €725,000 in seed funding. At the time, its backers included the Bank of Ireland’s Start-up and Emerging Sectors Equity Fund, private equity firm Delta Partners, Enterprise Ireland and the National Digital Research Centre.
Charles Dowd, CEO and co-founder of Plynk, commented on the deal by saying, “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 within Ireland and across Europe before expanding worldwide.”
What next for the money-messaging app?
According to Irish Independent, the firm’s top priority is to expand its staff in the next 18 month. Plynk currently only employs eight people and it’s objective is to have around 28 members in the team within the next one and half years.
With the increased staff numbers, the fintech company will be able to focus on its other objective: expanding to the UK and Europe. The founders have already said they plan to make it available in Spain and Portugal in the near future. Currently, the app is only available in Ireland with around 6,000 active users.
Surviving the hot industry of P2P payments
P2P payments systems are currently a hot sector. Just this week, Apple announced it is getting involved in the sector and in the US, Venmo has been a highly successful app. Plynk will have a good opportunity of breaking into the European market before the competition heats up. The firm’s aim is to integrate Apple and Android Pay into the app so that customers will be able to make mobile payments from their Plynk account. Currently, the app allows users to send small amounts of money directly to their friends using the Plynk account. Its use of emojis and GIFs give the money-messaging app a rather different appeal. Whether or not it can conquer Europe, remains to be seen.