National Bank of Canada invests $103m in open banking firm Flinks

National Bank of Canada invested $103m in Flinks, including $30m in growth capital towards acceleration of the Montreal-based FinTech’s expansion activities in North America.

The investment follows Flinks’ launch in the US. This investment will allow Flinks to continue to meet the demands of FinTechs, asset managers, credit unions and banks with tools that enable innovation with financial data in North America. The company is planning to grow its market share in the wealth and lending spaces, in addition to further enhancing its offerings in analytics and data enrichment.

Flinks also plans to double its headcount in order to deliver on the growing need for better, more actionable data.

Commenting on the funding, Flinks CEO Yves-Gabriel Leboeuf said, “Leveraging financial data still today requires technical know-how. We want to empower service providers of all sizes to drive positive outcomes for their customers, using financial data. That’s why Flinks has been developing a leading data enrichment and connectivity platform. With this investment, we have the financial backing, expertise, and network to make it ever more easy and efficient to use financial data.”

In recent months, Flinks has taken advantage of the ever-growing interest of consumers and financial services providers for its personalised digital financial products and grown its consumer base to millions.

National Bank of Canada president and CEO Louis Vachon said, “Flinks is strategically positioned at a key moment in the evolution of customer experiences. The combination of talent and data technology solutions that Flinks boast put them in a good position to capture the opportunities offered by a high-growth marketplace in North America.

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