Banks are sweating. How we handle our money is dramatically changing with the imminent arrival of PSD2 and the growing popularity of smartphone payments. Still, transferring money is a bit of a pain in the arse, which is why Irish startup, Plynk, has just raised €25m in funding.
What is Plynk?
In short, Plynk is a less awkward way to get that cash your mates owe you. It’s a money messenger app that lets you transfer cash using only the app on two smartphones. If you’ve been paying close attention, it’s not a million miles away from the French-based Lydia app.
Why is Plynking so great?
To really appreciate the convenience, think back to the last time you split a bill. It’s all awkward with one person paying with cash, another with card and then the waiter moaning that you’re splitting at all.
Plynk helps you avoid all that. Instead of sending money to an impossible and annoying IBAN, you just send it to a contact. It’s better than a bank transfer as it’s instant regardless of your friend’s bank. No more being judged for being with Ulster Bank.
Plynk prepaid Mastercard
Plynk will also give you a what is effectively a prepaid Mastercard. Once topped up, you can use your virtual card online. This is great for a couple of reasons, including the fact you’re adding an extra layer to your online shopping security. You can spend money on your virtual card once you either top it up or have received money from a friend.
What’s next for Plynk?
Arguably, they Ireland’s hottest startup right now. It’s really important that the app gains the momentum that Lydia totally failed to gather in Ireland.
Ireland’s hottest startup right now
Personally, I can see Facebook swooping in and buying the lot. For now, the app will make your life easier so give it a download and text that friend that owes you a few bob.
Plynk is available now on Android and iOS