Clinkle, a stealthy mobile payment startup that recently raised the largest seed financing round in history, today has completed an internal reorganization. Or, in other words, layoffs.
Fortune has learned that the San Francisco-based company has issued pink slips to 16 employees, or just around 25% of its staff.
Young entrepreneur Lucas Duplan said his startup, Clinkle, has figured out a way for people to pay for things in a physical store without using cash or credit card. And, it doesn’t require a mobile card reader, the hardware popularized by payments company Square.
“No one has really cracked the nut,” Duplan said, adding that none of the apps currently available can really help people leave their physical wallets behind. He leaves the door open for other benefits, like how to use consumer’s shopping habit data to create other features. [Read more…]