Dublin-based FinTech firm Plynk has secured €25 million in a Series A funding round led by Swiss Privee, which will support the global roll-out of its mobile money app solution.

With the investment, the company has also announced plans to increase the employee headcount from eight to 28 over the course of the next 18 months, as the number of Plynk users has this week surpassed the 6,000 mark.

Founded in 2015, Plynk is a mobile money-messaging app, where users can converse with their peers and send or receive money instantly without charge from within the chats. Primarily targeted at younger consumers, the app has been developed to remove the complexities of money transfers between friends and families.

The app is linked to users’ social network accounts such as Facebook Messenger, and currently allows people to make payments in euro, with the addition of new currencies on the firm’s agenda. The startup intends to enter the Spanish market next, followed by Portugal.

Clive Foley, co-founder of Plynk, explained: “The money we have raised will be used to increase the size of the team and to roll out the product across the EU. Most of the hires will be in Dublin and we are looking for at least 20 programmers. We envisage taking on other people, most likely in business development in other countries as we launch the app there, but Dublin is home and we aim to keep the tech here.

“Our next target is to roll out in at least two other countries and hit five figures in terms of users within the next 12 months. Spain is an obvious choice for us as it has a similar demographic to Ireland and the same currency.”

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