Flinks partners with TransferWise to facilitate instant account verification

Montreal-based Flinks has partnered with UK-based TransferWise, a firm that works to provide international money transfer at lower rates than banks.

Flinks was launched in April 2017 and raised a $500,000 pre-seed round last July. The startup allows Fintech companies to connect their apps with customers’ banks, which in turn allows them to validate account ownership, verify account balances, or access transaction histories.

TransferWise first moved to Canada back in April 2016, and launched its new borderless account and debit card last year. The partnership will help Flinks further their goal of being the go-to API solution for FinTechs in Canada.

 “We’ve been very focused on getting our product to the market quickly,” Yves-Gabriel Leboeuf, Flinks’ CEO told TechVibes last year. “So it was a strong validation for us when we went live in April, less than four months into it. The market traction we’ve received since then has been nothing short of spectacular.”

Flinks will facilitate instant account verification and act as the link between Transferwise and Canadian banks to perform secure payments in a more seamless way.

“What’s funny is that consumers are unlikely to ever know Flinks, as we’re the solution behind their favourite finance app,” said Leboeuf. “That said, everything we do is oriented towards improving user-experience. Everyone in the team knows very well how important Flinks’ role is.”

According to Transferwise, the firm has saved Canadians $500,000 per month with the real exchange rate since 2016. Flinks’ ability to produce instant account verification and link the TransferWise app to Canadian banks, as well as its bilingual API, are all attractive to Canadian Customers.

“Flinks is a major success story for FinTech in Canada, and partnering with them was a no-brainer for TransferWise,” said Andrew Boyajian, head of banking of North America at TransferWise. “Their team saw a problem and solved it, allowing TransferWise to improve the user experience for our customers.”