Mobile payments startup Clinkle, that aims to put your entire wallet on your phone, has raised a $25 million round from over 18 investors.
The San Francisco-based company, which launched in 2011, will use most of the $25 million for talent acquisition. The company currently has around 50 employees. New hires will fill a range of roles, from engineering to marketing to design, and more as the young startup fights against much larger competitors.
Lucas Duplan, the 22-year-old CEO and founder of the startup came up with the idea while studying abroad in London the summer after his freshman year. He was frustrated that he could download apps to do virtually anything abroad–call friends, stream music, even Scrabble with friends back in California–except pay for a sandwich.
The next summer, Duplan and about 10 other students rented a house in Palo Alto and began developing Clinkle.
Duplan said that there hasn’t been a scalable solution that enables a phone to pay a merchant without replacing the point of sale system. Duplan said Clinkle has figured out a way to make this happen without requiring infrastructure change.
Clinkle is an app-to-app payment platform that requires no special hardware on the phone, nor at the point of sale. In order to start using Clinkle, both consumers and merchants simply download an app, Duplan said.
Clinkle’s list of investor is very impressive and includes Andreessen Horowitz, Peter Thiel, Accel Partners’ Jim Breyer, Intel, Intuit, former Facebook COO Owen Van Natta, Salesforce CEO Marc Benioff, Qualcomm co-founder Andrew Viterbi, VMware co-founders Diane Greene and Mendel Rosenblum, Venrock Associates founding partner Peter Crisp and many more.
The app hasn’t launched yet and it isn’t going to for a few more monthsm but their tests on the Beta version with the participation of Stanford University students went very well.
When the startup officially launches its app, it plans to target campuses around the country, before expanding to the wider world.