Canada-based Flinks, a financial data platform, has closed its Series A round on $16m, with NAventures leading the round.
The company raised the capital to support its next expansion efforts. In a blog post, the company CEO Yves-Gabriel Leboeuf said, “I’m from the school of thought that we only raise money when we’ve identified a critical problem that we want to address. Success, here, leads to meaningful growth, because it has real and positive impacts.”
One area of expansion for Flinks will be to integrate wealth data into its services. This will enable Flinks to connect data sources in the wealth management space through an aggregation services.
The FinTech also plan to use the capital to expand its operations and will launch internationally, with the US the first target.
Leboeuf added, “And finally, we’re acutely aware that current open banking ecosystems are strongly tilted towards data consumers — the digitally-enabled companies who are able to leverage financial data connectivity to deliver better services. It hasn’t yet delivered the same opportunities to the financial institutions acting as data suppliers. Our ambition is to bridge that gap by building a data network that is truly beneficial for all stakeholders.”
Founded in 2017, Flinks is an ‘open banking enabler’ in Canada, helping to connect around 200 FinTechs and banks across Canada, US and Europe to more than 250 million Canadian financial accounts. Its technology aggregates financial data and verifies bank accounts, letting consumers to safely share their information with banking and nonbanking digital services.
The company previously raised $1.75m in a funding round back in 2018 from National Bank and Luge Capital. This capital was used to help Flinks build a reliable financial data aggregation service in Canada and build enrichment tools to simplify data-enabled processes.
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