Clinkle, a payment startup app in development, has recently raised $25 million in seed financing.

The funding round is said to be one of the largest seed deals ever, according to Forbes, and is backed by a long, impressive list of investors, such as Peter Thiel, Marc Benioff, and Andreessen Horowitz.

Twenty-one-year-old founder Lucas Duplan was a Stanford University student when he founded Clinkle three years ago. Now the company boasts roughly 50 employees, many of them Duplan’s former classmates.

Little details about how Clinkle will work have been revealed, but Duplan has referred to the service as a mobile wallet, saying,

“Our goal is to completely modernize how payments work. What we’re trying to do is basically take your phone and have it for the first time be able to rival cash and credit cards.”

Unlike other payment technologies, Clinkle focuses on software rather than hardware to get business done, removing the process of installing hardware that similar companies have, like Bling Nation.

“We’ve developed a way for consumers to download an app, no hardware needed, and achieve scale from a software point of view,” says Duplan.

The large amount of funding and vague description makes the public curious about how Clinkle will change the way we view mobile payments. Because this is Duplan’s first company and it hasn’t yet launched, it makes sense to wonder how it will compete with other successful payment app models, such as Square and Paypal.

According to Business Insider, Clinkle is initially targeting a younger audience for its services, rather than heading straight for big merchants.

The app will be available on Android and iOs devices in just a few months. Until then, we’ll have to wait and see what the app that had investors opening their wallets will have to offer.