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Through [[VMware]] co-founder [[Diane Greene]], Duplan met [[venture capital]]ist [[Jim Breyer]], who became interested in the company after discussing it with Stanford professors and graduate students.<ref name="nytimes" /> In June 2013, Clinkle raised $25 million in seed funding from a broad range of investors, including Sahami, Greene, Breyer, [[Accel Partners]], [[Andreessen Horowitz]], [[Intuit]], and [[Peter Thiel]].<ref name="cnet">{{cite web |url=http://news.cnet.com/8301-1023_3-57591249-93/mobile-payments-startup-clinkle-nabs-$25m-in-early-investments/ |title=Mobile payments startup Clinkle nabs $25M in early investments |last=Tam |first=Donna |date=June 27, 2013 |publisher=[[CNET]] |accessdate=January 19, 2014}}</ref><ref name="zdnet">{{cite web |url=http://www.zdnet.com/with-25m-in-the-bank-clinkle-takes-on-mobile-payments-7000017399/ |title=With $25m in the bank, Clinkle takes on mobile payments |last=Nusca |first=Andrew |date=June 27, 2013 |publisher=[[ZDNet]] |accessdate=January 19, 2014}}</ref><ref name="mashable">{{cite web |url=http://mashable.com/2013/06/27/clinkle-25-million/ |title=Startup Clinkle Gets $25 Million to Create Mobile Payment Standard |last=Wasserman |first=Todd |date=June 27, 2013 |publisher=[[Mashable]] |accessdate=January 19, 2014}}</ref><ref name="readwrite">{{cite web |url=http://readwrite.com/2013/06/27/startup-clinkle-has-a-high-frequency-plan-to-push-mobile-payments |title=Startup Clinkle Has A High Frequency Plan To Push Mobile Payments |date=June 27, 2013 |publisher=[[ReadWrite]] |accessdate=January 19, 2014}}</ref><ref name="forbes">{{cite web |url=http://www.forbes.com/sites/tomiogeron/2013/06/27/payments-startup-clinkle-raises-25-million-seed-round/ |title=Payments Startup Clinkle Raises $25 Million Seed Round |last=Geron |first=Tomio |date=June 27, 2013 |website=[[Forbes]] |accessdate=January 19, 2014}}</ref> The funding amounted to largest seed round in Silicon Valley.<ref name="business-insider">{{cite web |url=http://www.businessinsider.com/lucas-duplan-raises-25-million-seed-round-for-clinkle-2013-6 |title=21-Year-Old Raises Largest Seed Round In Silicon Valley History — $25 Million — For Mysterious Payments App |last=Shontell |first=Alyson |date=June 27, 2013 |publisher=[[Business Insider]] |accessdate=January 19, 2014}}</ref> Shortly after, Duplan moved the 50-person company from Palo Alto to [[San Francisco]].<ref>{{cite web |url=http://venturebeat.com/2013/06/27/clinkle-raises-one-of-largest-seed-rounds-ever-to-transform-how-we-pay-for-things/ |title=Clinkle raises massive $25M seed round to transform how we pay for things |last=Grant |first=Rebecca |date=June 27, 2013 |publisher=[[VentureBeat]] |accessdate=January 23, 2014}}</ref>
Through [[VMware]] co-founder [[Diane Greene]], Duplan met [[venture capital]]ist [[Jim Breyer]], who became interested in the company after discussing it with Stanford professors and graduate students.<ref name="nytimes" /> In June 2013, Clinkle raised $25 million in seed funding from a broad range of investors, including Sahami, Greene, Breyer, [[Accel Partners]], [[Andreessen Horowitz]], [[Intuit]], and [[Peter Thiel]].<ref name="cnet">{{cite web |url=http://news.cnet.com/8301-1023_3-57591249-93/mobile-payments-startup-clinkle-nabs-$25m-in-early-investments/ |title=Mobile payments startup Clinkle nabs $25M in early investments |last=Tam |first=Donna |date=June 27, 2013 |publisher=[[CNET]] |accessdate=January 19, 2014}}</ref><ref name="zdnet">{{cite web |url=http://www.zdnet.com/with-25m-in-the-bank-clinkle-takes-on-mobile-payments-7000017399/ |title=With $25m in the bank, Clinkle takes on mobile payments |last=Nusca |first=Andrew |date=June 27, 2013 |publisher=[[ZDNet]] |accessdate=January 19, 2014}}</ref><ref name="mashable">{{cite web |url=http://mashable.com/2013/06/27/clinkle-25-million/ |title=Startup Clinkle Gets $25 Million to Create Mobile Payment Standard |last=Wasserman |first=Todd |date=June 27, 2013 |publisher=[[Mashable]] |accessdate=January 19, 2014}}</ref><ref name="readwrite">{{cite web |url=http://readwrite.com/2013/06/27/startup-clinkle-has-a-high-frequency-plan-to-push-mobile-payments |title=Startup Clinkle Has A High Frequency Plan To Push Mobile Payments |date=June 27, 2013 |publisher=[[ReadWrite]] |accessdate=January 19, 2014}}</ref><ref name="forbes">{{cite web |url=http://www.forbes.com/sites/tomiogeron/2013/06/27/payments-startup-clinkle-raises-25-million-seed-round/ |title=Payments Startup Clinkle Raises $25 Million Seed Round |last=Geron |first=Tomio |date=June 27, 2013 |website=[[Forbes]] |accessdate=January 19, 2014}}</ref> The funding amounted to largest seed round in Silicon Valley.<ref>{{cite web |url=http://www.bizjournals.com/sanjose/news/2013/12/04/payments-startup-clinkle-nabs-more.html |title=Payments startup Clinkle nabs more talent from Netflix as it rounds out its exec team |last=Drake |first=Sarah |date=December 4, 2013 |website=''Silicon Valley Business Journal'' |publisher=[[American City Business Journals]] |accessdate=January 23, 2014}}</ref><ref name="business-insider">{{cite web |url=http://www.businessinsider.com/lucas-duplan-raises-25-million-seed-round-for-clinkle-2013-6 |title=21-Year-Old Raises Largest Seed Round In Silicon Valley History — $25 Million — For Mysterious Payments App |last=Shontell |first=Alyson |date=June 27, 2013 |publisher=[[Business Insider]] |accessdate=January 19, 2014}}</ref> Shortly after, Duplan moved the 50-person company from Palo Alto to [[San Francisco]].<ref>{{cite web |url=http://venturebeat.com/2013/06/27/clinkle-raises-one-of-largest-seed-rounds-ever-to-transform-how-we-pay-for-things/ |title=Clinkle raises massive $25M seed round to transform how we pay for things |last=Grant |first=Rebecca |date=June 27, 2013 |publisher=[[VentureBeat]] |accessdate=January 23, 2014}}</ref>


In October 2013 former [[Netflix]] [[chief financial officer]] Barry McCarthy became Clinkle's [[chief operating officer]],<ref>{{cite web |url=http://finance.fortune.cnn.com/2013/10/22/netflix-payments-clinkle/ |title=Ex-Netflix CFO joins stealth payments startup Clinkle |last=Primack |first=Dan |date=October 22, 2013 |publisher=[[CNNMoney.com]] |accessdate=January 23, 2014}}</ref> and two more former Netflix executives later joined as [[vice president]]s.<ref>{{cite web |url=http://techcrunch.com/2013/12/04/clinkle-is-the-new-netflix/ |title=Stealthy Payments Startup Clinkle Brings On Two Former Netflixers To Fill Out Its Exec Ranks |last=Lawler |first=Ryan |date=December 4, 2013 |publisher=[[TechCrunch]] |accessdate=January 23, 2014}}</ref> Near the end of the year, the company laid off a quarter of its employees.<ref>{{cite web |url=http://www.businessinsider.com/13-startups-to-watch-in-2014-2013-12?op=1 |title=The 13 Hottest Startups To Watch For In 2014 |last=Dickey |first=Megan Rose |date=December 30, 2013 |publisher=[[Business Insider]] |accessdate=January 23, 2014}}</ref> Duplan was featured in ''[[Forbes]]'' magazine's 30 Under 30 Finance list for 2013.<ref>{{cite web |url=http://www.forbes.com/sites/nathanvardi/2014/01/06/30-under-30-finance-the-top-young-traders-bankers-and-dealmakers-2/ |title=30 Under 30 Finance: The Top Young Traders, Bankers And Dealmakers |last=Vardi |first=Nathan |date=January 6, 2014 |website=[[Forbes]] |accessdate=January 23, 2014}}</ref>
In October 2013 former [[Netflix]] [[chief financial officer]] Barry McCarthy became Clinkle's [[chief operating officer]],<ref>{{cite web |url=http://finance.fortune.cnn.com/2013/10/22/netflix-payments-clinkle/ |title=Ex-Netflix CFO joins stealth payments startup Clinkle |last=Primack |first=Dan |date=October 22, 2013 |publisher=[[CNNMoney.com]] |accessdate=January 23, 2014}}</ref> and two more former Netflix executives later joined as [[vice president]]s.<ref>{{cite web |url=http://techcrunch.com/2013/12/04/clinkle-is-the-new-netflix/ |title=Stealthy Payments Startup Clinkle Brings On Two Former Netflixers To Fill Out Its Exec Ranks |last=Lawler |first=Ryan |date=December 4, 2013 |publisher=[[TechCrunch]] |accessdate=January 23, 2014}}</ref> Near the end of the year, the company laid off a quarter of its employees.<ref>{{cite web |url=http://www.businessinsider.com/13-startups-to-watch-in-2014-2013-12?op=1 |title=The 13 Hottest Startups To Watch For In 2014 |last=Dickey |first=Megan Rose |date=December 30, 2013 |publisher=[[Business Insider]] |accessdate=January 23, 2014}}</ref> Duplan was featured in ''[[Forbes]]'' magazine's 30 Under 30 Finance list for 2013.<ref>{{cite web |url=http://www.forbes.com/sites/nathanvardi/2014/01/06/30-under-30-finance-the-top-young-traders-bankers-and-dealmakers-2/ |title=30 Under 30 Finance: The Top Young Traders, Bankers And Dealmakers |last=Vardi |first=Nathan |date=January 6, 2014 |website=[[Forbes]] |accessdate=January 23, 2014}}</ref>

Revision as of 06:02, 26 January 2014

Clinkle
Company typePrivately held company
IndustryMobile payments
FoundedPalo Alto, California, United States (December 2011 (2011-12))
FounderLucas Duplan (CEO)
Headquarters
San Francisco
,
United States
Number of employees
50 (2013)
Websitewww.clinkle.com

Clinkle is a mobile payments startup company. Founded by Lucas Duplan in 2011, the company began as a small group of students. In 2013 it raised $25 million in what became Silicon Valley's largest seed round.

History

Clinkle was founded in December 2011 by Lucas Duplan, then a computer science student at Stanford University.[1][2] Duplan had decided to work on mobile payments during a study abroad program in London after his freshman year.[2] Upon returning to Stanford, Duplan received guidance from Mehran Sahami, a professor who taught the university's introductory programming methodology class.[3] Clinkle began with approximately a dozen students at a house in Palo Alto, California. It ran a beta test at Stanford in which testers could send payments to each other.[2]

Jim Breyer (left) and Peter Thiel (right) were among the company's investors.

Through VMware co-founder Diane Greene, Duplan met venture capitalist Jim Breyer, who became interested in the company after discussing it with Stanford professors and graduate students.[1] In June 2013, Clinkle raised $25 million in seed funding from a broad range of investors, including Sahami, Greene, Breyer, Accel Partners, Andreessen Horowitz, Intuit, and Peter Thiel.[4][5][6][7][8] The funding amounted to largest seed round in Silicon Valley.[9][10] Shortly after, Duplan moved the 50-person company from Palo Alto to San Francisco.[11]

In October 2013 former Netflix chief financial officer Barry McCarthy became Clinkle's chief operating officer,[12] and two more former Netflix executives later joined as vice presidents.[13] Near the end of the year, the company laid off a quarter of its employees.[14] Duplan was featured in Forbes magazine's 30 Under 30 Finance list for 2013.[15]

Product

Clinkle released an app for download on Google Play and the iTunes Store. The current versions have very limited functionality and only allow users to join a waitlist.[16]

The company has released limited information about its future product. The product will include a mobile app that serves as an online wallet.[16] Wallets will be able to be linked to existing credit cards or bank accounts.[1] A June 2013 report by TechCrunch stated that the app used high-frequency sound to send payments between devices; however, the section was shortly retracted.[3] A promotional video from the company later appeared to confirm this.[6] Clinkle confirmed that the product would not require near field communication, a wireless technology used by Google Wallet that is not supported by Apple devices.[1] Clinkle has stated that the product will also provide merchants with information about their customers for the purpose of targeted sales promotions.[17]

Clinkle intends to first launch on college campuses and target merchants near college campuses.[1][18][19] Clinkle announced on September 26, 2013 that after two months of opening their college waitlists, over 100,000 students had signed up.[20][21]

References

  1. ^ a b c d e Wingfield, Nick (June 27, 2013). "Silicon Valley Luminaries Bet on Clinkle, a Payments Start-Up". New York Times. Retrieved January 19, 2014.
  2. ^ a b c Gallagher, Billy (June 27, 2013). "Clinkle Raises Celebrity-Filled $25M Round As It Gears Up To Eliminate The Physical Wallet". TechCrunch. Retrieved January 19, 2014.
  3. ^ a b Roose, Kevin (June 28, 2013). "How a 22-Year-Old Stanford Grad Won Silicon Valley's Money Chase". New York. Retrieved January 23, 2014.
  4. ^ Tam, Donna (June 27, 2013). "Mobile payments startup Clinkle nabs $25M in early investments". CNET. Retrieved January 19, 2014.
  5. ^ Nusca, Andrew (June 27, 2013). "With $25m in the bank, Clinkle takes on mobile payments". ZDNet. Retrieved January 19, 2014.
  6. ^ a b Wasserman, Todd (June 27, 2013). "Startup Clinkle Gets $25 Million to Create Mobile Payment Standard". Mashable. Retrieved January 19, 2014.
  7. ^ "Startup Clinkle Has A High Frequency Plan To Push Mobile Payments". ReadWrite. June 27, 2013. Retrieved January 19, 2014.
  8. ^ Geron, Tomio (June 27, 2013). "Payments Startup Clinkle Raises $25 Million Seed Round". Forbes. Retrieved January 19, 2014.
  9. ^ Drake, Sarah (December 4, 2013). "Payments startup Clinkle nabs more talent from Netflix as it rounds out its exec team". Silicon Valley Business Journal. American City Business Journals. Retrieved January 23, 2014. {{cite web}}: Italic or bold markup not allowed in: |website= (help)
  10. ^ Shontell, Alyson (June 27, 2013). "21-Year-Old Raises Largest Seed Round In Silicon Valley History — $25 Million — For Mysterious Payments App". Business Insider. Retrieved January 19, 2014.
  11. ^ Grant, Rebecca (June 27, 2013). "Clinkle raises massive $25M seed round to transform how we pay for things". VentureBeat. Retrieved January 23, 2014.
  12. ^ Primack, Dan (October 22, 2013). "Ex-Netflix CFO joins stealth payments startup Clinkle". CNNMoney.com. Retrieved January 23, 2014.
  13. ^ Lawler, Ryan (December 4, 2013). "Stealthy Payments Startup Clinkle Brings On Two Former Netflixers To Fill Out Its Exec Ranks". TechCrunch. Retrieved January 23, 2014.
  14. ^ Dickey, Megan Rose (December 30, 2013). "The 13 Hottest Startups To Watch For In 2014". Business Insider. Retrieved January 23, 2014.
  15. ^ Vardi, Nathan (January 6, 2014). "30 Under 30 Finance: The Top Young Traders, Bankers And Dealmakers". Forbes. Retrieved January 23, 2014.
  16. ^ a b Fitchard, Kevin (June 27, 2013). "Stanford's $25M secret: Payments startup Clinkle wants to make your college cashless". GigaOM. Retrieved January 23, 2014.
  17. ^ Efrati, Amir (April 3, 2013). "Startup's Deep Roots: Stanford". The Wall Street Journal. Retrieved January 23, 2014.
  18. ^ Del Rey, Jason (June 27, 2013). "Pressure Is on Stealth Payments Startup Clinkle as It Raises $25 Million From Big-Name Investors". All Things Digital. Retrieved January 19, 2014.
  19. ^ Primack, Dan (June 27, 2013). "Clinkle raises $25 million to kill Square". CNNMoney.com. Retrieved January 19, 2014.
  20. ^ Huspeni, Andrea (2013). "Richard Branson Invests in a Startup That No One Understands Yet". Entrepreneur. Retrieved January 19, 2014.
  21. ^ Fitchard, Kevin (September 26, 2013). "Clinkle becomes a tech celebrity magnet, landing Richard Branson as an investor". GigaOM. Retrieved January 19, 2014.
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