NDRC, the investor in early stage digital companies, has strongly welcomed the €25m Series A investment round announced by Plynk which took part in NDRC’s Launchpad accelerator programme in 2015 and received both initial and follow-on funding from NDRC.
The Series A round was led by private investment trust, Swiss Privée Ltd. In addition to an initial investment by NDRC of €30,000 in Plynk, NDRC also participated in a follow on round of financing which helped Plynk unlock further funding.
“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,” said Charles Dowd, CEO and Co-Founder of Plynk.
Plynk is a European money messaging app offering instant person-to-person payments that is headquartered in Dublin, and was co-founded in 2015 by Charles Dowd and Clive Foley to remove the complexities of money transfers among family and friends, making it fun, fast and free. Linked to users’ social networks, Plynk users can send money as a message to a single contact or in group chats instantly and with no fees. Once an account is created, users receive a payment account with a dedicated IBAN and virtual Mastercard for online payments.
NDRC CEO, Ben Hurley congratulated Charles Dowd, Clive Foley and all the team in Plynk. “Plynk has positioned itself at the forefront of social payments and has created a service which eliminates the complexities when sharing expenses amongst family, friends and colleagues. Today’s investment will help them achieve continued growth both here in Ireland and into new international markets in the future,” Mr Hurley said.
“Plynk is also a great example of NDRC’s proven approach where our investment programmes work with startups to bridge the gap between having a great concept and building a business that has the capacity to secure further investment and scale. Our expertise in fintech allowed us to focus on the validation of their idea along with supporting the formation of their core team.”
“On behalf on everyone in NDRC, I want to congratulate Charles Dowd, Clive Foley and all the team in Plynk on today’s announcement and I wish them the very best for their future endeavours,” he added.