National Bank of Canada has taken a majority stake in Montreal fintech startup Flinks after a $103 million investment that includes $30 million in growth capital to accelerate North America expansion.
The investment follows a successful launch by Flinks in the United States.
This investment will allow Flinks to continue its fast-paced growth and meet the demands of fintechs, asset managers, credit unions and banks with tools that enable innovation with financial data in North America.
The company is also planning to grow its market share in the wealth and lending spaces, in addition to further enhancing its offerings in analytics & data enrichment.
Flinks also plans to double its headcount in order to deliver on the growing need for better, more actionable data. Flinks currently employs 100.
“Leveraging financial data still today requires technical know-how,” said Yves-Gabriel Leboeuf, Flinks’ CEO.
“We want to empower service providers of all sizes to drive positive outcomes for their customers, using financial data. That’s why Flinks has been developing a leading data enrichment and connectivity platform. With this investment, we have the financial backing, expertise, and network to make it ever more easy and efficient to use financial data.”
In recent months, Flinks has taken advantage of the ever-growing interest of consumers and financial services providers for competitive and personalized digital financial products. Each year, millions of consumers in North America are using Flinks to access innovative financial services, and this number has been growing at a strong pace.
“Flinks is strategically positioned at a key moment in the evolution of customer experiences. The combination of talent and data technology solutions that Flinks boast put them in a good position to capture the opportunities offered by a high-growth marketplace in North America”, stated Louis Vachon, president and CEO at National Bank of Canada.