I saw on TC today that Clinkle finally launched. For those who are unaware, Clinkle is a mobile wallet with gamification features. They raised a huge amount of cash on just an idea and the fact that the founder is a Stanford rich kid, and have been struggling to get their product complete. Lots of people quit the company, including high level executives.
Their launch following just a few days after the launch of Apple Pay demonstrates why it’s never a good idea to go after a market that big companies are likely to target or are targeting. Not only did Apple get great deals with banks and credit card companies to insure that the fees they are charged are the lowest, but the amount of publicity they got, and are still getting, makes it difficult for any other brand with the exception of maybe Google Wallet to get noticed.
Mobile Wallet Laughingstock Clinkle Finally Launches To Let You Pay Friends And Earn “Treats”
Apparently Venmo was able to pull it off.
No, actually they weren’t. Yes, they are a big company and quickly growing, but that’s only because they were purchased by Braintree five months after launching for $26.2 million. Braintree is owned by PayPal, which is owned by Ebay; both huge companies.
I doubt Venmo could have grown as big as it has without being acquired by a large company early on, which was probably part talent acquisition and part technology acquisition.
Don’t get me wrong, $26.2 million is a great payday for only having launched for 5 months, but that early acquisition does not prove that Venmo can compete with large companies like Paypal.
I forgot to include a link to the article about Venmo:
http://www.forbes.com/sites/natalierobehmed/2013/07/02/venmo-the-future-of-payments-for-you-and-your-company/
Well there’s a reason Braintree bought Venmo so it was doing something right. The truth is Venmo got quite a lot of traction starting off the gate, something we’ll have to see about Clinkle.
When Braintree bought Venmo, Braintree was still independent. PayPal bought Braintree for 800M shortly after.
Personally I think Clinkle’s fucked. Not because of the industry but because its clear they don’t know WTF they’re doing.
Well the product they are launching with is totally different from what it was initially supposed to be. I guess they couldn’t develop what they promised. This is part of the reason why their head of engineering quit I guess; he realized they were bullshitting.
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