Montreal-based fintech startup Flinks has raised a $1.75 million round from National Bank and Luge Capital.
Flinks’ financial API allows users to synchronize their banking information with the app of their choosing in the savings, investment, and cryptocurrency sectors. A number of large financial service providers, including TransferWise, Wealthsimple and ATB Financial, are already using its platform.
The 2017 Canadian Innovation Awards’ New Startup award finalist is a leading open banking enabler in Canada and currently connects almost 200 fintechs and banks in Canada, U.S. and Europe to over 250 million financial accounts.
This investment round will be used 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.
Innostart Capital, Panache, iNovia Capital and Conconi Growth Partners, also participated in the financing round.
“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, SVP of 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 excited 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.
Flinks raised $500,000 in a pre-seed round almost exactly one year ago.