Clickbank, a mobile payments startup, has just gone public, bringing with it $1.2 billion in new funding.
Its founder, Kevin Gagnon, was named to the first class of the S-1 class of stock in the US and Canada, a milestone he is not happy about.
“It’s been a tough year, and I think it’s because I’ve always been the guy who wanted to go public,” Gagnons cofounder and CEO of Clickbank said.
“I never thought it would be this hard.”
Gagnons own and company were founded in 2016 with the goal of enabling consumers to quickly and easily send money to each other via mobile, a move that has proven wildly successful.
With the company’s latest round, Clickbank raised another $1 billion in financing, putting the company at a valuation of $3 billion.
“The company’s going to be a lot bigger than we thought it was going to,” Gagón said.
Gagnon and his team started in 2015 with the idea of letting people send money directly from their smartphones to a friend or family member via a clickbank app, which is a similar model to PayPal.
But it wasn’t until this year that Clickbank was able to establish itself as the go-to app for mobile payments.
“We’re still kind of at the beginning of this journey,” Gignon said.
“With PayPal, the initial users, like me, would go to the store and look for a certain number of transactions, which would then be displayed on their screen.
The average person on the street would have to scroll down and look at it.”
Gagón and his company have seen this model become a major competitor to PayPal in the mobile payment space, and that has prompted them to make several strategic changes in the platform.
Gagons team has been focusing on improving the user experience of its app, and recently introduced the ability for users to send money from a device to another device.
This has allowed Clickbank to offer a service that has the potential to change the way we do business.
Gignon sees the app as the future of mobile payments, and he has taken the company to the next level by making it easier for people to send and receive money directly with the clickbank service.
“I think it’ll be a very important part of how we’re going to move to mobile payments in the future,” he said.