Money messaging app Plynk has secured €25m in a new funding round, one of the largest ever Series A funding rounds in Irish history.
Headquartered in Dublin, Plynk was co-founded in 2015 by Charles Dowd and Clive Foley.
Linked to users' Facebook accounts, Plynk users can send money as a message to a single contact or in group chats instantly and with no fees.
The new funding round was led by private investment trust, Swiss Privée Ltd.
Plynk has over 6,000 users across Android and iOS and is currently available within the Irish market. It also has plans to expand further into Europe with Spain and Portugal its next targets.
The company employs eight people, but today announced that it will create 20 new roles over the next 18 months.
"Our headquarters here in Dublin will house all of our development team, then a number of business development and marketing staff hired in each location across Europe", commented Clive Foley, Plynk's chief technology officer and its co-founder.
Charles Dowd, CEO and co-founder of Plynk, said the company's growth plan is simple - "become a verb, in every European language".
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 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 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," he added.
