23 August 2017
Find out more

Clinkle experiences growth pains as 25% of staff shown pink slips

10 December 2013  |  3444 views  |  0 blurry people

Payments start-up Clinkle appears to be experiencing severe growth pains as it lays off staff and restructures its operations in the wake of a recent $25 million funding round.

Founded by 22-year old Lucas Duplan, Clinkle turned Silicon Valley heads in June when it announced a $25 million seed funding round before it had even launched its first product.

Although continuing to operate in stealth mode, the company is understood to have developed a prototype application that uses high-frequency sound waves to transfer payment signals between mobile devices and merchant terminals.

In October, Clinkle hired former Netflix CFO Barry McCarthy as its chief operating office. He was joined earlier this month by two other Netflix alumni, Andrew Rendich who was named vice president of operations and Allison Hopkins who was given the title vice president of talent.

The new intake has set to work on a dramatic restructuring programme that has seen the termination of 25% of Clinkle staff (16 employees) ahead of the commercial launch of the company's mobile payments application at US college campuses.

The lay-offs are in addition to the departure of 31 employees earlier this year, leading to recriminations from disgruntled ex-staffers who complained that they had put in long hours in return for promises of equity which were not forthcoming.

In a statement, Clinkle says: "Our objective in today's organisational restructuring is to better allocate our resources and work towards ensuring that we have the right people in the right roles. Sixteen employees (about 25% of the company) were affected in the areas of ops, growth, and human resources. This is in addition to the 30+ employees that were already reported to have left Clinkle".

Of the latter, Clinkle says "some were part-time, some were students, some were contractors".

Comments: (0)

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

Clinkle names former Netflix exec Barry McCarthy COO

Clinkle names former Netflix exec Barry McCarthy COO

22 October 2013  |  4199 views  |  0 comments | 1 tweets | 2 linkedin
Branson takes a punt on stealth start-up Clinkle

Branson takes a punt on stealth start-up Clinkle

26 September 2013  |  7242 views  |  1 comments | 7 tweets | 2 linkedin
College start-up Clinkle raises $25m for payments app

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

28 June 2013  |  7047 views  |  1 comments | 10 tweets | 4 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.niceactimize.comvisit www.dorsum.eu

Top topics

Most viewed Most shared
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
16493 views comments | 40 tweets | 76 linkedin
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
13110 views comments | 28 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
11744 views comments | 22 tweets | 34 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
10955 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
10842 views comments | 10 tweets | 8 linkedin