Clinkle Implodes As Employees Quit In Protest Of CEO

I think we’re about to see a lot of this among the first-gen FinTech guys: what you get when your firm is all “Tech” and no “Fin.”

TechCrunch

Sevenemployees quit the frequently mocked payment rewards startup Clinkle simultaneously today due to frustration with its 24-year-old CEO Lucas Duplan, according to multiple sources close to the company. Duplan, pictured above, is said to have withheld information from employees about acquisition talks with Apple that the team hoped would result in a sale. He’s believed to have quietly dug for more buyout offers in hopes of improving his financial status because he holds an outsized amount of equity in the startup.

As suspicions of a hidden Apple offer swirled, Duplan fired the company’s CFO and VP of engineering, which is said to have been the last straw for quite a few employees. Duplan has tasked the remaining team with stopping development of Clinkle’s debit card product to pivot the company into a business to business API for payment rewards.

Screen Shot 2015-05-15 at 5.20.07 PMThis is only the latest bad news after years of ridicule…

View original post 1,575 more words

%d bloggers like this: