Paypal executive Mike Liberatore leaves firm to become CFO of San Francisco payments startup Clinkle
Stealthy payments startup Clinkle has a new chief financial officer (CFO). Today, the San Francisco-based firm announced that former PayPal enterprise and North American financials head will be joining them, according to VentureBeat.
Clinkle wants to create fundamental changes in the mobile payments industry. According to founder Lucas Duplan, the company's technology overcomes the problems encountered with digital wallets such as PayPal, Square, and Google, the report explained.
In June, Clinkle announced it had secured $25 million in seed funding. Venture capital group Andressen Horowitz, Salesforce chief Marc Benioff, and PayPal co-founder Peter Thiel backed the said round. The seed money allowed the startup to grow to a team of 70 in September. However, it cut back to 50 in December. Clinkle's executive workforce contains several Netflix alumni, the report detailed.
Clinkle is planning to launch its payments platform within 2014. Taking its cue from Facebook, the startup intends to start introducing the product to small communities first before branching out from there, VentureBeat reported.