National Bank of Canada has invested C$103 million, including C$30 million in growth capital, in Flinks, a Montreal-based financial technology startup. National Bank last year led Flinks’ Series A financing. The company, which helps consumers share their financial data with banking and non-banking digital services, is also backed by Intact Ventures, Luge Capital and Panache Ventures.
MONTREAL, Aug. 25, 2021 /CNW Telbec/ – National Bank of Canada invests $103M in Flinks, including $30M in growth capital towards acceleration of the Montreal-based fintech’s expansion activities in North America.
The investment follows a successful launch by Flinks in the United States. This investment will also 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.
This growth capital will allow a rapid acceleration of the company’s already established presence in the United States, with a robust base of innovative customers, partners and growing revenue in this market. Flinks plans to double its headcount in order to deliver on the growing need for better, more actionable data.
“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.”
“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.
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 the financial data layer powering the internet. Trusted by millions of individuals accessing financial services at world-class companies, Flinks enables businesses to connect to their customers’ financial accounts, enrich this data, and utilize it to deliver better digital products. Serving innovators in lending, fintech, digital banking, asset management and insurance, Flinks is quickly becoming a global leader in financial data connectivity and analytics.