MONTREAL, July 4, 2018 /CNW Telbec/ - National Bank and Luge Capital are proud to announce a $1.75 million investment in Flinks, a leading Canadian fintech founded in Montreal. This investment is part of a first round of financing that Flinks will use to accelerate growth and market an AI-powered risk assessment solution based on the transaction habits of end-users and the health of their financial accounts.
Four other partners, Innostart Capital, Panache, iNovia Capital and Conconi Growth Partners, are also participating in this round of financing.
Flinks specializes in aggregating financial data and verifying bank accounts, a critical component for many fintechs. A number of large financial service providers, including Transferwise, Wealthsimple and ATB Financial, are already using its platform.
"In today's world of accelerated digital transformation, National Bank strives to be at the forefront by offering its clients innovative solutions that are convenient, simple and efficient. It is very important for us to support environments that stimulate innovation and have a positive impact on customer experience.That is why we are pleased to join forces with Montreal-based Flinks," commented David Furlong, Senior Vice-President – Artificial Intelligence, Venture Capital and Blockchain, at National Bank.
"We've managed to quickly build close ties with Canadian financial institutions, giving us access to the partners and capital we need to really speed up the pace of innovation at Flinks. We're very fortunate to be a part of this adventure with National Bank and Luge Capital," said Yves-Gabriel Lebœuf, President and CEO of Flinks.
"The Flinks team has built a world-class platform that has become essential infrastructure for its clients. The team's ambition is to apply its technology in new industries and across many regions. We're delighted to support their mission," confirmed Karim Gillani, General Partner, Luge Capital.
About National Bank of Canada
With $256 billion in assets as at April 30, 2018, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 22,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. The Bank's 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 Luge Capital
Luge Capital is a venture capital fund focused on fintech and artificial intelligence applied to financial services. Luge invests in early-stage teams shaping the way the world interacts with financial services. The fund supports the development of innovative solutions that improve customer experiences, make financial institutions more efficient and use data-driven methods and artificial intelligence for decision-making. Luge Capital focuses its activities on startup and Series A round financing, ranging from $250,000 to $2 million.
The 18 month-old startup is the leading open banking enabler in Canada. It currently connects just shy of 200 fintechs and banks in Canada, US and Europe to over 250,000,000 financial accounts. The network Flinks has built enables Canadian consumers to safely share their financial data with banking or non-banking digital services. The adoption of the service is rapidly picking up, with over 3% of the Canadian population already having used Flinks. The company expects that number to grow to 10% by the end of this year.
Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of the Bank. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained herein and may not be appropriate for other purposes.
SOURCE National Bank of Canada
For further information: National Bank, Jean-François Cadieux, Senior Manager - Public Affairs, Tel.: 514-394-6500; Luge Capital, Sonia Gasparini, Marketing and Operations Manager, Tel.: 514-998-2020; Flinks, Frédérick Lavoie, Founder and COO, Tel.: 514-546-5999