Montreal fintech receives $11 million in Series A funding and $5.2 million in debt financing
MONTREAL, July 6, 2020 /CNW/ - Flinks today announced the closing of a Series A financing round of $11 million to fuel the company's growth in data connectivity and digitization in the financial services industry.
The Series A funding round was led by NAventures, National Bank's corporate venture capital arm that takes equity stakes in startups and growing businesses. The round also included participation from Intact Ventures, Luge Capital and Panache Ventures.
Flinks also obtained debt financing of $5.2 million from National Bank, its long-standing partner, and specifically the Bank's Technology and Innovation Banking Group, which offers specialized support to fast-growing technology businesses from start-up through to maturity.
The funding round will allow Flinks to continue innovating in the financial services industry by bringing its services to new verticals, such as wealth management, and continue its geographic expansion to further solidify its position as a market leader and reinforce its mission to help financial services businesses digitize and deliver products their clients will love.
The open banking framework has significant potential and a number of factors will need to be optimized to make the most of it. By developing and leveraging a powerful, secure data exchange network, Flinks will continue to considerably improve the experience of all stakeholders.
"The digitization of financial services is more than just a trend. It's a profound reshaping of the industry, driven by rapidly changing consumer needs in a global context. Flinks is uniquely positioned to help businesses accelerate their digital transformation," said Flinks co-founder and CEO, Yves-Gabriel Leboeuf. "This investment from our strategic partners allows us to jumpstart the next phase of our mission: consolidating our position in our home market and building new innovative data products that will allow us to tackle global demand."
"NAventures firmly believes in democratizing innovation. That is why we are proud to support Flinks as they continue to establish their vital role in fintech ecosystems, both in Canada and abroad," said Philippe Daoust, Managing Director of Venture Capital at NAventures. "We see great alignment between Flinks' mission and our own focus on helping our clients manage their finances by providing them with innovative and reliable digital solutions."
"We at the Technology and Innovation Banking Group have had the privilege of supporting the growth of local companies for over 20 years now. We are thrilled to see Flinks continue to make a name for itself and innovate so that even more companies can make the shift to digital. Given the current context, we see that trend only picking up speed," stated Channt Chea, Senior Director – Technology and Innovation Banking Group at National Bank.
"Open banking has been an amazing accelerant for data consumers and fintechs, allowing for faster innovation and better products delivered to individuals. But, it has yet to deliver optimal benefits to data suppliers and financial institutions," says Flinks' Chief Revenue Officer, Clayton Feick. "Our ambition is to bridge the gap between suppliers and consumers, allowing for significant value exchange for everybody."
About Flinks Flinks is a data company that empowers businesses to connect their users with financial services they want. Trusted by hundreds of world-class companies, Flinks enables businesses to connect users' bank accounts, enrich their data, and utilize it to deliver better products. An award-winning company, Flinks has become the leader in financial data connectivity in Canada in just three years, and is well on its way to become a global leader.
About National Bank of Canada With $317 billion in assets as at April 30, 2020, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 26,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
About NAventures NAventures, the corporate venture capital arm of National Bank of Canada, takes equity stakes in startups and growing businesses to foster growth in companies that will shape the financial institutions of the future. Follow NAventures activities at nbc.ca/naventures.