Mobile money messaging app Plynk has secured €25 million in a new venture capital funding round — one of the largest Series A funding rounds in Irish history.
According to RTE, the new venture capital round was led by private investment trust Swiss Privée Ltd.
Dublin-based mobile pay app Plynk, which was cofounded in 2015 by Charles Dowd and Clive Foley, links to users’ Facebook messenger accounts so they can send money as a message to a single contact or in group chats instantly and with no fees.
Plynk has more than 6,000 users across Android and iOS in Ireland, but there are plans to expand further into Europe, with Spain and Portugal as its next targets.
The company also plans to hire more employees. Right now, it has eight people but will create 20 new roles over the next 18 months.
Last October, Plynk raised €725,000 in seed investment with backing from Bank of Ireland’s Start-Up and Emerging Sectors Equity Fund, managed by venture capital firm Delta Partners, Enterprise Ireland, the NDRC and a number of angel investors.
NDRC CEO Ben Hurley said that Plynk has positioned itself at the forefront of mobile pay with a service that enables users to share expenses with family, friends and colleagues with ease.
“Today’s investment will help them achieve continued growth both here in Ireland and into new international markets in the future,” said Hurley. “Plynk is also a great example of NDRC’s proven approach where our investment programs work with start-ups to bridge the gap between having a great concept and building a business that has the capacity to secure further investment and scale.”