Flinks closes Series A round at USD 16.2 mln

Friday 10 July 2020 10:29 CET | News

Flinks, a Canada-based fintech startup, has closed its Series A round at USD 16.2 million CAD, bringing its total funding raised to date to USD 19 million.

The round included a number of return investors including NAventures, the corporate venture capital arm of National Bank, which led the Series A. Fellow return investors Luge Capital and Panache Ventures also participated, as did new investor Intact Ventures. The round consisted of USD 11 million of equity financing and USD 5.2 million of debt financing, with National Bank, one of Flinks’ partners, providing the debt financing through its Technology and Innovation Banking Group.

Proceeds from the Series A round will be used to expand the startup’s offering to new verticals, including wealth management, and will allow Flinks to grow its presence in the US.

Flinks launched in April 2017 as a solution for fintech companies to connect their apps with customers’ bank accounts, verify account balances, and access transaction histories. The startup later expanded beyond these capabilities to find useful insights with data. Flinks works with businesses in the lending, investment, and banking sectors. 

Along with geographic expansion, Flinks is also looking to use the USD 16.2 million to scale a line of business that the company has been developing over the last few years. Leboeuf told BetaKit Flinks has scaled back on some of its R&D and new product activities in order to focus more on that new line of business. Flinks has entered into the beta phase of a new wealth management aggregation product aimed to help wealth managers gain financial insights through data. This represents a new vertical for Flinks, which has so far focused on aggregating data within the retail banking sector.

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Keywords: Flinks, funding, fintech, banking, lending, data, app, wealth management
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Canada
This article is part of category

Banking & Fintech