Clinkle

Clinkle was founded in 2011 by Lucas Duplan, then a computer science student at Stanford University.{{cite web |url=http://bits.blogs.nytimes.com/2013/06/27/silicon-valley-luminaries-bet-on-clinkle-a-payments-start-up/ |title=Silicon Valley Luminaries Bet on Clinkle, a Payments Start-Up |last=Wingfield |first=Nick |date=June 27, 2013 |work=The New York Times |accessdate=January 19, 2014}} Duplan had decided to work on mobile payments during a study abroad program in London after his freshman year.{{cite news |last=Gallagher |first=Billy |date=June 27, 2013 |title=Clinkle Raises Celebrity-Filled $25M Round As It Gears Up To Eliminate The Physical Wallet |url=https://techcrunch.com/2013/06/27/clinkle-raises-celebrity-filled-25m-round-as-it-gears-up-to-eliminate-the-physical-wallet/ |accessdate=January 19, 2014 |work=TechCrunch}} Upon returning to Stanford, Duplan received guidance from Mehran Sahami, a professor who taught the university's introductory programming methodology class.{{cite web |url=http://nymag.com/daily/intelligencer/2013/06/this-22-year-old-just-won-silicon-valley.html |title=How a 22-Year-Old Stanford Grad Won Silicon Valley's Money Chase |last=Roose |first=Kevin |date=June 28, 2013 |website=New York |accessdate=January 23, 2014}} Clinkle rented a house in Palo Alto, California using money from Duplan's parents and a summer program through Highland Capital Partners.{{cite web |url=http://www.hcp.com/news/newsdetails.php/id/92871 |title=Highland Capital Partners Announces Summer@Highland 2011 Teams |date=July 20, 2011 |publisher=Highland Capital Partners |accessdate=April 27, 2014 |archive-date=April 11, 2014 |archive-url=https://web.archive.org/web/20140411015809/http://www.hcp.com/news/newsdetails.php/id/92871 |url-status=dead }}{{cite web |url=https://www.wsj.com/news/articles/SB10001424127887324020504578396912443242512 |title=Startup's Deep Roots: Stanford |last=Efrati |first=Amir |date=April 3, 2013 |website=The Wall Street Journal |accessdate=January 23, 2014}} With approximately a dozen students building the app, it ran a beta test at Stanford in which testers could send payments to each other.

Through VMware co-founder Diane Greene, Duplan met Accel partner Jim Breyer, who became interested in the company after discussing it with Stanford professors and graduate students. Breyer became an investor following his first meeting and product demonstration with Duplan and participated in a round of funding for the company.{{cite web |last=Dembosky |first=April |date=June 27, 2013 |title=Facebook backers make big early bet on college start-up |url=http://www.ft.com/cms/s/0/e0329dcc-df1e-11e2-881f-00144feab7de.html |url-access=subscription |accessdate=January 26, 2014 |website=Financial Times}} By June 2013, Clinkle had raised $25 million from a broad range of investors, including Greene, Andreessen Horowitz, Intel Capital, Intuit, Peter Thiel, Owen Van Natta, and Salesforce CEO Marc Benioff.{{cite web |url=http://news.cnet.com/8301-1023_3-57591249-93/mobile-payments-startup-clinkle-nabs-$25m-in-early-investments/ |title=Mobile payments startup Clinkle nabs $25M in early investments |last=Tam |first=Donna |date=June 27, 2013 |website=CNET |accessdate=January 19, 2014}}{{cite news |url=https://www.zdnet.com/article/with-25m-in-the-bank-clinkle-takes-on-mobile-payments/ |title=With $25m in the bank, Clinkle takes on mobile payments |last=Nusca |first=Andrew |date=June 27, 2013 |work=ZDNet |access-date=January 19, 2014}}{{cite web |url=http://mashable.com/2013/06/27/clinkle-25-million/ |title=Startup Clinkle Gets $25 Million to Create Mobile Payment Standard |last=Wasserman |first=Todd |date=June 27, 2013 |publisher=Mashable |accessdate=January 19, 2014}}{{cite web |url=http://readwrite.com/2013/06/27/startup-clinkle-has-a-high-frequency-plan-to-push-mobile-payments |title=Startup Clinkle Has A High Frequency Plan To Push Mobile Payments |date=June 27, 2013 |publisher=ReadWrite |accessdate=January 19, 2014}}{{cite web |url=https://www.forbes.com/sites/tomiogeron/2013/06/27/payments-startup-clinkle-raises-25-million-seed-round/ |title=Payments Startup Clinkle Raises $25 Million Seed Round |last=Geron |first=Tomio |date=June 27, 2013 |website=Forbes |accessdate=January 19, 2014}}{{Cite web|url=https://www.forbes.com/sites/ryanmac/2016/01/22/clinkle-up-in-smoke-as-investors-want-their-money-back/|title=Clinkle Up In Smoke As Investors Want Their Money Back|last=Mac|first=Ryan|website=Forbes|language=en|access-date=2020-03-04}} The funding amounted to the largest seed round in Silicon Valley.{{cite news |last=Drake |first=Sarah |date=December 4, 2013 |title=Payments startup Clinkle nabs more talent from Netflix as it rounds out its exec team |url=http://www.bizjournals.com/sanjose/news/2013/12/04/payments-startup-clinkle-nabs-more.html |url-access=subscription |accessdate=January 23, 2014 |newspaper=Silicon Valley Business Journal |publisher=American City Business Journals}} Shortly after, Duplan moved the 50-person company from Mountain View to San Francisco.{{cite news |url=https://venturebeat.com/2013/06/27/clinkle-raises-one-of-largest-seed-rounds-ever-to-transform-how-we-pay-for-things/ |title=Clinkle raises massive $25M seed round to transform how we pay for things |last=Grant |first=Rebecca |date=June 27, 2013 |work=VentureBeat |accessdate=January 23, 2014}}

By the end of 2013, they had raised $25 million.{{Cite news |date=2013-06-27 |title=Mobile payments startup Clinkle nabs $25M in early investments |url=https://www.cnet.com/news/mobile-payments-startup-clinkle-nabs-25m-in-early-investments/ |access-date=2018-07-03 |work=CNET |language=en}}

In October 2013, former Netflix chief financial officer Barry McCarthy became Clinkle's chief operating officer,{{cite web |url=http://finance.fortune.cnn.com/2013/10/22/netflix-payments-clinkle/ |title=Ex-Netflix CFO joins stealth payments startup Clinkle |last=Primack |first=Dan |date=October 22, 2013 |publisher=CNNMoney.com |accessdate=January 23, 2014 |archive-url=https://web.archive.org/web/20140203101151/http://finance.fortune.cnn.com/2013/10/22/netflix-payments-clinkle/ |archive-date=February 3, 2014 |url-status=dead }} and two more former Netflix executives later joined as vice presidents.{{cite news |url=https://techcrunch.com/2013/12/04/clinkle-is-the-new-netflix/ |title=Stealthy Payments Startup Clinkle Brings On Two Former Netflixers To Fill Out Its Exec Ranks |last=Lawler |first=Ryan |date=December 4, 2013 |work=TechCrunch |accessdate=January 23, 2014}} In December 2013, the company laid off a quarter of its employees.{{cite web |last=Primack |first=Dan |date=December 9, 2013 |title=Layoffs at stealth payment startup Clinkle |url=http://finance.fortune.cnn.com/2013/12/09/layoffs-clinkle/ |url-status=dead |archive-url=https://web.archive.org/web/20140128071739/http://finance.fortune.cnn.com/2013/12/09/layoffs-clinkle/ |archive-date=January 28, 2014 |accessdate=January 26, 2014 |publisher=CNNMoney.com}} McCarthy left Clinkle in March 2014, after less than 5 months at the company.{{cite web|url=http://www.recode.net/2014/3/13/11624542/clinkles-still-a-hot-mess-as-its-big-shot-coo-departs|title=Clinkle's Still a Hot Mess as Its Big Shot COO Departs (Updated)|first=Jason Del|last=Rey|date=13 March 2014|publisher=|accessdate=16 October 2016}} The product launched to college students on September 24, 2014.{{cite web |title=$30 Million And Three Years Later, Mysterious Payments App Clinkle Finally Launches |url=http://www.businessinsider.com/clinkle-payments-app-is-live-2014-9 |accessdate=16 October 2016 |website=Business Insider |publisher=}}

In November 2014 Lucas Duplan was listed on Forbes 30 Under 30,{{Cite web |last=Vardi |first=Nathan |title=30 Under 30 Finance: The Top Young Traders, Bankers And Dealmakers |url=https://www.forbes.com/sites/nathanvardi/2014/01/06/30-under-30-finance-the-top-young-traders-bankers-and-dealmakers-2/ |access-date=2024-01-30 |website=Forbes |language=en}} a pick the publication regretted nine years later, placing Duplan on its Hall of Shame, featuring ten picks it wished it could take back.{{Cite web |last=Team |first=Forbes Under 30 |title=Hall Of Shame: The 10 Most Dubious People Ever To Make Our 30 Under 30 List |url=https://www.forbes.com/sites/forbesunder30team/2023/11/28/hall-of-shame-the-10-most-dubious-people-ever-to-make-our-30-under-30-list/ |access-date=2024-01-30 |website=Forbes |language=en}}{{Cite web |last=Porter |first=Jon |date=2023-11-29 |title=Forbes publishes 30 Under 30 "Hall of Shame." |url=https://www.theverge.com/2023/11/29/23980764/forbes-publishes-30-under-30-hall-of-shame |access-date=2024-01-30 |website=The Verge |language=en}}

In 2015, seven core employees quit and the remaining team was believed to be mostly consultants providing support and no more than 12, down from 70 several years ago.{{cite web|url=https://techcrunch.com/2015/05/15/clunk/|title=Clinkle Implodes As Employees Quit In Protest Of CEO|first=Josh|last=Constine|date=16 May 2015 |publisher=|accessdate=16 October 2016}} Forbes reported in January 2016 that investors were losing patience with the lack of any market product and were requesting a return of funds.{{cite magazine |last=Mac |first=Ryan |date=January 22, 2016 |title=Clinkle Up In Smoke As Investors Want Their Money Back |url=https://www.forbes.com/sites/ryanmac/2016/01/22/clinkle-up-in-smoke-as-investors-want-their-money-back/#34f7403c35b6 |magazine=Forbes |accessdate=16 October 2016}}

In January 2016, a photo was leaked of CEO Duplan and Richard Branson burning wads of fake $100 bills to celebrate the announcement that Branson had invested in the company and would become an advisor to Duplan. Forbes reported that the purpose of the stunt was to celebrate the idea of paper money becoming "obsolete".

As of May 2016, the company had shut down.{{Cite news |date=2016-05-22 |title=Today, pivoting has taken a casual turn |url=https://economictimes.indiatimes.com/small-biz/startups/today-pivoting-has-taken-a-casual-turn/articleshow/52378430.cms?from=mdr |access-date=2025-04-14 |work=The Economic Times |issn=0013-0389}}

Clinkle released an app for download on Google Play and the iTunes Store. Clinkle first launched on college campuses and targeted merchants near college campuses.{{cite web |url=http://allthingsd.com/20130627/pressure-is-on-stealth-payments-startup-clinkle-as-it-raises-25-million-from-big-name-investors/ |title=Pressure Is on Stealth Payments Startup Clinkle as It Raises $25 Million From Big-Name Investors |last=Del Rey |first=Jason |date=June 27, 2013 |publisher=All Things Digital |accessdate=January 19, 2014}}{{cite web |url=http://finance.fortune.cnn.com/2013/06/27/clinkle-25-million-square/ |title=Clinkle raises $25 million to kill Square |last=Primack |first=Dan |date=June 27, 2013 |publisher=CNNMoney.com |accessdate=January 19, 2014 |url-status=dead |archiveurl=https://web.archive.org/web/20140113022103/http://finance.fortune.cnn.com/2013/06/27/clinkle-25-million-square/ |archivedate=January 13, 2014 }} Clinkle announced on September 26, 2013, that after two months of opening their college waitlists, over 100,000 students had signed up despite no clear product description.{{cite web |url=http://www.entrepreneur.com/article/228593/ |title=Richard Branson Invests in a Startup That No One Understands Yet |last=Huspeni |first=Andrea |year=2013 |website=Entrepreneur |accessdate=January 19, 2014}}{{cite web |url=http://gigaom.com/2013/09/26/clinkle-becomes-a-tech-celebrity-magnet-landing-richard-branson-as-an-investor/ |archive-url=https://web.archive.org/web/20130926222922/http://gigaom.com/2013/09/26/clinkle-becomes-a-tech-celebrity-magnet-landing-richard-branson-as-an-investor/ |url-status=dead |archive-date=September 26, 2013 |title=Clinkle becomes a tech celebrity magnet, landing Richard Branson as an investor |last=Fitchard |first=Kevin |date=September 26, 2013 |publisher=GigaOM |accessdate=January 19, 2014}} Until September 2014, the app had very limited functionality and only allowed users to join a waitlist with a launch date of September 2014.{{cite web |url=http://gigaom.com/2013/06/27/stanfords-25m-secret-payments-startup-clinkle-wants-to-make-your-college-cashless/ |archive-url=https://archive.today/20130629093909/http://gigaom.com/2013/06/27/stanfords-25m-secret-payments-startup-clinkle-wants-to-make-your-college-cashless/ |url-status=dead |archive-date=June 29, 2013 |title=Stanford's $25M secret: Payments startup Clinkle wants to make your college cashless |last=Fitchard |first=Kevin |date=June 27, 2013 |publisher=GigaOM |accessdate=January 23, 2014}}

Before launching, the company had released limited information about its product, despite significant press coverage.{{citation needed|date=September 2014}} The product was intended to include a mobile app that served as an online wallet. Wallets would be linked to existing credit cards and bank accounts. A June 2013 report by TechCrunch stated that the app was going to use high-frequency sound to send payments between devices; however, the section was shortly retracted. Clinkle confirmed that the product would not require near field communication, a wireless technology used by Google Wallet and Apple Pay. Clinkle stated that the product would also provide merchants with information about their customers for the purpose of targeted sales promotions.

Despite its initial launch as an alternative payments processing system, it lost its technological edge to new products like Venmo, a peer-to-peer payments app, and later Apple Pay, which achieved what the company had originally set out to do. The company decided to pivot, and launched to the public on September 24, 2014, a new flagship downloadable application aimed at college students.

The launch debuted a Clinkle Card that allowed users to earn rewards for paying at stores and online. After every seventh payment, Clinkle card users were awarded a "Treat" to send to a friend, which had a chance of earning the recipient a free purchase.{{cite web|url=https://techcrunch.com/2014/09/23/clinkle/|title=Mobile Wallet Laughingstock Clinkle Finally Launches To Let You Pay Friends And Earn "Treats"|first=Josh|last=Constine|date=23 September 2014 |publisher=|accessdate=16 October 2016}}

{{reflist|30em}}

• [http://www.businessinsider.com/clinkle-employees-depart-2013-11 Business Insider]
• [https://techcrunch.com/2015/12/29/i-know-you-thought-it-was-dead-but/ TechCrunch]

• {{Official website|https://www.clinkle.com}}

{{Digital payment providers}}

Category:2011 establishments in California

Category:Companies based in San Francisco

Category:Defunct software companies of the United States

Category:Failed financial technology companies

Category:Online financial services companies of the United States

Category:Payment service providers

Category:Privately held companies of the United States

Category:Software companies based in the San Francisco Bay Area

Category:Technology companies established in 2011