Clinkle, the mobile payments startup that's attracted high-profile investment form Silicon Valley, has laid off 16 employees.
In an email to PaymentsSource, Clinkle spokesperson Ana Braskamp said the turnover was part of a broader restructuring at the startup.
"Our objective in todays organizational restructuring is to better allocate our resources and work towards ensuring that we have the right people in the right roles. While turnover is a normal part of any business, especially in the startup world, its not easy or enjoyable for anyone. In all cases, were committed to managing these things as professionally and as considerately as possible. Todays moves will better position our executive team to focus on adding the experience and functional expertise that we need," Braskamp said.
The layoffs came mostly from business staff, as opposed to the technology staff. The company has recently been adding executives, hiring Barry McCarthy to be chief operating officer and adding executives who worked for McCarthy while he was at Netflix.
Clinkle has generated a lot of buzz, but has revealed little about its technology, which will reportedly initiate mobile payments by using high frequency sound emitted by smartphone speakers.