After piece claims dwindling reserves and slashed workforce, LevelUp chief tweets back

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A BostInno article this morning reported local payment processing start-up LevelUp may be checking out, but the company’s founder and chief ninja, Seth Priebatsch, is fighting back publicly.

The outspoken founder, who has earned a nice guy reputation, noted in a series of tweets that the reduced headcount was largely due to a batch of interns and contractors leaving, and said the company is not “running out of cash.’’

BostInno’s Walter Frick wrote that while the company raised $21 million recently in severalrounds, shifting strategies have drained those reserves and the company is looking for another round “now’’ before its cash reserves run out.


Priebatsch pushed back on Twitter in an effort to, in his words, “de-sensationalize’’ the story.

The Hive’s The Innovators ran a look inside LevelUp recently, and I profiled Priebatsch recounting the thinking behind LevelUp’s strategic shifts at SXSW. Here’s the video of the former:

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