Payments Startup Clinkle Sheds Quarter of Staff (Dec. 10, 2013)
Clinkle Corp., the darling of investors and the media in recent months, appears to have hit some potholes on the road to launching a payment app that reportedly enables users to transfer funds between individuals and groups, and emphasizes social media.
The San Francisco-based payments startup has laid off 16 employees, or approximately 25 percent of its staff, according to reports. “Our objective in today’s organizational restructuring is to better allocate our resources and work towards ensuring that we have the right people in the right roles,” the company said in a statement. “While turnover is a normal part of any business, especially in the startup world, it’s not easy or enjoyable for anyone.”
The company, which describes itself as a stealth startup and was founded by 22-year-old Stanford University graduate Lucas Duplan, has been light on product details but heavy on seed money, more than $25 million, and high-profile investors, such as Sir Richard Branson. And, last October, Clinkle announced it had hired former Netflix Chief Financial Officer Barry McCarthy to serve as chief operations officer.