National Bank of Canada is investing $103 million in Flinks, a Montreal financial data company. As part of the deal, National Bank acquires a majority stake in the company.
National Bank will also devote $30 million of the funds towards Flinks’ North American expansion.
Flinks calls itself “the financial data layer of the Internet.” Armed with significant funding, the company said it will grow its market share in the wealth and lending spaces, following its United States launch. More generally, it wishes to to continue servicing its users, which are fintechs, asset managers, credit unions and banks.
“Leveraging financial data still today requires technical know-how,” said CEO Yves-Gabriel Leboeuf. “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.”
It's time to break down the barriers to financial innovation.
— Flinks (@FlinksData) August 25, 2021
Flinks offers an open banking API and no-code platform allowing users to connect accounts, enrich data, and utilize it to power their products. It’s larger clients include Wealthsimple, Equifax, Wise and Paybright. As an example, Flinks’ technology helps a Wealthsimple user connect their bank account to their Wealthsimple account.
A release indicated that Flinks plans to double its headcount as well.
“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.