Lynk Raises $3M Seed Capital and Emerges From Stealth With Branded Payment Solution to Power the Financial Platforms of MarketplacesThursday, September 22, 2022
Technology enables merchants to reduce costly credit card processing fees while building customer loyalty
Vancouver, BC, September 22, 2022--(T-Net)--Lynk, a Vancouver-based company providing merchants an alternative to costly credit card processing fees while powering customer loyalty programs that drive revenue, today announced the general availability of its branded payment solution.
The platform enables marketplaces to own their own payment ecosystem without upfront fees, large cash reserves or the cost of hiring an engineering team to build.
As part of its launch, Lynk says it has raised $3 million in seed capital that included participation from Samsung Next, Plug and Play, Tribe Capital, Simplex Trading, N49P and others.
Nabi Awada, Co-Founder and CEO, Lynk
The Lynk team is led by CEO Nabi Awana, whose experience includes product management for PayPal, Honeywell, IBM, SAP, and Electronic Arts.
Prior to launching Lynk, Nabi was chief product officer at Rappi, where he helped to raise nearly $3.4 billion to launch new banks and credit programs throughout Latin America.
Ali Sedighi, Co-Founder and Vice President of Operations, Lynk
Ali Sedighi, co-founder and Vice President of Operations, has more than 15 years of technology, SaaS, and fintech experience. He previously worked at companies such as Paypal, VMWare, IT Glue, Function Point, and SolidWorks.
Dozens of fast-growing merchants are already using Lynk's platform to reduce their credit card processing fees by as much as 90% and fund reward programs with no cost to their bottom line.
Lynk says it is on track to power more than 2 million retail transactions in 2022.
Lynk's closed loop platform is specifically designed for startups, small- to medium-sized marketplace and gig economy companies that find themselves burdened with high credit card processing fees.
Traditional credit card processing fees range from between 2.9-5% per transaction and fund their credit card loyalty programs. Lynk says its transaction fees are the lowest in the industry, ranging from 0.5-1%.
In addition, Lynk users have immediate access to their sales revenue unlike traditional credit card platforms where it can take up to five days to receive payment.
With interest rates continuing to rise, forcing businesses to pass these costs onto their customers or cut into their bottom line, Lynk is also unveiling its free Savings Fee Calculator for any business owner to calculate savings and help fuel company growth.
"We chose Lynk because of their ability to provide us with the lowest fees in the market and to get us up and running fast. Lynk is going to fuel our growth at GasAppAuto.io rapidly, " said Scott Armstrong, Co-Founder of GasAppAuto.io.
"Credit card fees and building customer loyalty are two of the biggest challenges for small business owners. In the current payment systems, they are at the mercy of credit card providers, banks, payment networks and aggregators that all pile on fees and control when payments are funded," said Lynk Co-Founder and CEO Nabi Awada.
"Lynk's branded payment solution enables businesses to own the payment experience - the same way Starbucks owns their payment ecosystem with their branded wallet, which costs millions of dollars to develop. With Lynk, setup can be completed in days, not weeks, without upfront costs while still being fully compliant."
Lynk offers the most cost-effective solution in the market, enabling companies to reduce payment fees by up to 90%, while launching a fully compliant platform without the need for chargeback reserve funds and within weeks rather than months.
"We invested in Lynk because its solution enables companies to focus more on developing innovative products and services, and less on overcoming financial and regulatory obstacles," said Lizzy Goldman, Venture Capital Investor at Samsung Next. "We think Lynk's end-to-end platform is in a good position to grow by helping companies start and manage their businesses without high costs and time-consuming operational challenges."
Establishing a payment platform is one of the biggest cost and time expenditures for any company, especially startups. At Lynk, we are out to change that. Built specifically for small-to-medium-sized marketplace and gig economy companies, our branded payment platform can be set up in days, not months, without any development time or upfront costs and reduces credit card processing fees by up 90% all while building customer loyalty. To learn more, calculate your yearly savings and schedule a demo, visit: trylynk,com .
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