$US30 Million Startup Clinkle’s Most Cringeworthy Layoff Story.
Not many people actually know what the stealth payment company Clinkle is working on, except for a small snippets about something revamping the way we pay for things forever, but it seems that it continues to have some serious ongoing drama behind the scene.
Largest seed Fund.
The company is best known for raising one of the biggest seed funding round ever, with it amounting a massive $25 million. Clinkle had recently decided to announce that its chief operating officer, former Netflix CFO Barry McCarty, is stepping down from the company. This news happens after only a few months of when Clinkle had laid off almost a quarter of their staff.
“Given the company’s need to focus on product and engineering for the foreseeable future — in other words, until we achieve scale in our operations — we both agree that it’s best for him [McCarthy] to shift his responsibilities to an advising role,” Clinkle CEO Lucas Duplan wrote in a blog post recently. McCarthy’s duties will be divided between Duplan and CFO Mike Liberatore.
McCarthy was originally brought in to scale things around, but as of recently, it seems like there really isn’t much for him to scale up.
Beta and Launch.
Duplan has commented that Clinkle will launched its application to employees last month, and will be bringing friends and family onboard as well. He expects to gather “hundreds” of beta testers within the next couple of weeks, and will be expecting Clinkle to be made available for college students by the end of the year.
Clinkle also has more to add to its announcement with it having recently received an investment of “several million dollars” from Stanford University. Combined with its hefty seed round, Clinkle has been said to have raised more than $30 million before even getting it product out the door.
The company has been positioned as a direct competitor towards Paypal, Square, and a slew of other mobile Payments solutions. Its currently not really clear how Clinkle will differentiate from the crowd.
The company is being positioned as a direct competitor to Square, PayPal, and a slew of other mobile payments solutions. But it’s unclear what, exactly, will differentiate Clinkle from the crowd.
“Building the capabilities we need and getting the right people in the right jobs has been a full-time endeavor,” Duplan wrote.
“Like most companies, we haven’t had a 100-percent hit rate, but fortunately, we’ve — well, certainly, I’ve — learned a lot.”