Payments

Clinkle finally had a launch, bit nervous, but with $30 mn at stake?

MEDICIFounder and Chief Strategy & Innovation Officer

Some are calling it a glorified and gamified Visa prepaid debit card program. Others are calling it "how to burn $30 mn of investors money".

Do they really need so much bad press. What have they done? where did they lose out? It has been quite a rough year for Lucas and Clinkle with layoffs and executive turnover.

This valley payment startup was the brainchild of Lucas Duplan, a student at Stanford at the time he conceived the idea. He went on to convince many Stanford students to leave the college and join him. Last year, he raised ~ $30 million from big names like Richard Branson and Andreessen Horowitz. Clinkle app finally launched on "select college" campuses it seems (Techcrunch had some back and forth on it).

And yes the rumors of it being a bitcoin based payment mechanism were wrong.

Here is a list of claims which Clinkle highlights on its website:

- "Swipe like your normal debit card to buy everyday stuff"

- "The more you swipe, the more you create what we call "Treats" "

- "Send a Treat to a friend. When your friend swipes their card, they can open the Treat. Some Treats refund your friend’s whole purchase."

- "Pay any Clinkle member instantly. No fees."

- "Keep your stash on lockdown: we send simple alerts right to your phone. See how much money you’ve got left at a glance."

- "Let your phone worry about budgeting. Your app keeps track of every card swipe and payment to a friend, so it’s easy to search for your last IOU."

- "We keep your money safe behind 128-bit AES encryption, just like national banks. Lock your app with your secure PIN, so only you can open it."

- "Your card account is insured up to $250,000 through the FDIC, and you can shop worry free at millions of merchants worldwide with the Visa Zero Liability Guarantee."

While their landing page ​says they don't like any fees, when you check the T&M its fees is on the higher side to add money to your card and withdraw it as cash.

  • $0.50 per transaction to add money via qualified debit card
  • $0.30 + 2.9% per transaction to add money via non-qualified debit card
  • $1 ATM fees
  • 3% international transaction fees

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

“Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.\ \ Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.\ \ Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.”