22 July 2018
Visit www.gemalto.com

Branson takes a punt on stealth start-up Clinkle

26 September 2013  |  7457 views  |  1 Clinkle wallet

Mobile payments start-up Clinkle has secured fresh investment from Virgin mogul Richard Branson, and announced that it has signed up 100,000 prospective users ahead of its roll-out to US college campuses later this year.

Branson's investment in Clinkle comes just months after the mysterious start-up secured $25 million in seed funding from an illustrious group of VCs and private investors, including Accel Partners, Andreessen Horowitz, Intel Capital, Intuit, former PayPayPal chief Peter Thiel, former vice chairman of Wells Fargo Bob Joss, and VMWare co-founders Diane Greene and Mendel Rosenblum.

Reports from early tests of the product imply that it uses high-frequency sound waves to transfer payment signals between mobile devices and merchant terminals.

Much like Facebook, Clinkle will initially be made available to college students, where critical mass may be easier to achieve among committed users and hyper-local merchants.

The company says Stanford University, University of Michigan, Duke University, Southern Methodist University, and University of Alabama are upfront in student sign-ups to the Clinkle wait list.

Alongside the new investment from Branson, the company has also released a teaser video:

KeywordsFINDEX

Comments: (1)

A Finextra member
A Finextra member 26 September, 2013, 14:54

I don't get:

  • Most of the senior execs from the payment industry I spoke to shake their heads or laugh when it comes to Clinkle;
  • Sound at POS is an old hat - VeriFone has been offering that since their acquisition of Zoosh (same concept as Clinkle);
  • Clinkle transactions will be "card not present" unless card networks, processors and issuers approve Clinkle; 
  • POS ubiquity, on a practical level, is simply not there; 
  • Square is raising more money for their POS efforts (in, it seems, a downgrade round...)

and yet Clinkle keep getting more investors on board... Are they (and their original investors) THAT good when it comes to "rooting" (aka hype) or am I missing something big there?..

Be the first to give this comment the thumbs up 0 thumb ups!
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

College start-up Clinkle raises $25m for payments app

College start-up Clinkle raises $25m for payments app

28 June 2013  |  7299 views  |  1 comments | 10 tweets | 4 linkedin
For banking start-ups, the word 'bank' has become a business liability

For banking start-ups, the word 'bank' has become a business liability

22 November 2011  |  9096 views  |  1 comments
Virgin mogul Branson makes 'multimillion dollar' investment in Square

Virgin mogul Branson makes 'multimillion dollar' investment in Square

08 November 2011  |  11472 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit http://go.jumio.com/finextraAdVisit info.nice.com

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
13575 views comments | 6 tweets | 8 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
11246 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
10114 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
7452 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
7267 views comments | 2 tweets | 7 linkedin

Featured job

Find your next job