Canada-based Flinks, a financial data aggregator, has raised $1.75m in a funding round from National Bank and Luge Capital.
Other participants to the round included Innostart Capital, Panache, iNovia Capital and Conconi Growth Partners. The investment marks Flinks first round of financing.
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.
Its services include credit scoring and loan decisions, KYC, transaction history and monitoring, bank balance updates, and account verification.
Loan providers can use Flink to automate the underwriting processes and drive risk insights through transaction history.
Its solution is used by clients including TransferWise, Wealthsimple and ATB Financial.
Capital from the round will be used to accelerate growth and support the launch of an AI-powered risk assessment solution based on transaction habits and the health of financial accounts.
Flinks president and CEO Yves-Gabriel Lebœuf said, “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.”
Last month, Luge Capital raised $75m to invest into early-stage FinTech companies and AI solutions applied in financial services. The firm initially raised $50m from Caisse de dépôt et placement du Québec and Desjardins Group late last year.
Its remaining $25m was supplied by investors including Sun Life Financial, the Fonds de Solidarité FTQ and La Capitale. The fund could still increase, with it potentially reaching $100m within coming months.
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