Clinkle: Advanced Mobile Payments Technology

Clinkle

For a company that’s received one of the largest funding rounds for a seed deal ever ($25 million), we sure don’t know a lot about Clinkle. All we do know is that the payments product is on a mission to create a mobile wallet that requires no special hardware on the phone (no NFC chip) nor at the point-of-sale – just software. In June 2013 Clinkle’s initial round of funding made headlines, and now it’s doing it again for its investment deal with Sir Richard Branson (founder of Virgin Group). Add him to their long list of investors: Andreessen Horowitz, Peter Thiel, Diane Greene, Jim Breyer, Marc Benioff and Owen Van Natta. High-rollers are jumping all over this product, but why? The most the founder and CEO (22-year-old Stanford-dropout Lucas Duplan) has revealed is in a video, but even that doesn’t tell us much. Here are 5 things we do know:

1. We foundĀ this website with screenshots of the software

2. It’s available now in the app store, but all the app does is prompt you to join the waitlist

3. Duplan claims to have over 100,000 people already waiting

4. When he quit Stanford, Duplan recruited 70 of his classmates to join the Clinkle staff

5. The company plans to build its user base from colleges first, then the general public

Time will tell if this product lives up to its hype, and revolutionizes the mobile payments industry.

Sources: CNET, Gigaom

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