The National Bank of Canada (TSE: NA) has reportedly invested $103 million in Flinks, including $30 million in growth capital “towards acceleration of the Montreal-based fintech’s expansion activities in North America,” according to a release.
As mentioned in the announcement, the investment has been made after a successful launch by Flinks in the US markets. This investment should enable Flinks to continue its steady growth and meet the “demands” of Fintech firms, fund managers, credit unions and banks “with tools that enable innovation with financial data in North America.”
The firm also intends to further expand its market share in the wealth and lending sectors, “in addition to further enhancing its offerings in analytics & data enrichment.”
As noted in the release, 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 intends to double its headcount in order to “deliver on the growing need for better, more actionable data.”
Leveraging financial data requires considerable technical expertise, according to Yves-Gabriel Leboeuf, CEO at Flinks.
He added that they intend to support 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 ideally positioned at a critical moment in the “evolution” of customer experiences (CX) and the right combination of talent and data tech that Flinks provides should “put them in a good position to capture the opportunities offered by a high-growth marketplace in North America,” according to Louis Vachon, President and CEO at National Bank of Canada.
Recently, Flinks has been taking advantage of the rising 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,” the announcement revealed.
As noted in the update, Flinks is the financial data layer “powering the internet.” The company’s services are “trusted by millions of individuals accessing financial services.” Flinks enables businesses to connect to their clients’ financial accounts, “enrich this data, and utilize it to deliver better digital products.”
Serving key players in lending, fintech, digital banking, asset management and insurance, Flinks aims to serve as a major provider of financial data connectivity and analytics.