16 July 2018
Visit www.avoka.com

National Bank of Canada invests in local data sharing startup Flinks

05 July 2018  |  6164 views  |  0 light bulbs

National Bank of Canada and Luge Capital have participated in a $1.75 million funding round in 18-month old data aggregation and account verification startup Flinks.

Montreal-based Flinks currently connects just shy of 200 fintechs and banks in Canada, US and Europe to over 250,000,000 financial accounts. The firm counts Transferwise, WealthSimple and ATB Financial among its clients and claims a three percent uptake by Canadian citizens. The company expects that number to grow to 10% by the end of this year.

The funding, which was also supported by Innostart Capital, Panache, iNovia Capital and Conconi Growth Partners, is part of a first round of financing that the firm plans to use to develop an AI-based risk assessment product based on the transaction habits of end-users and the health of their financial accounts.

The investment marks a quick start for Luge Capital, which opened for business in June after securing a $75 million investment pot from several Quebec-based financial institutions. The fund is tracking seed and Series A funding rounds in startups working to improve customer experiences, enhance efficiency for financial institutions and implement data-driven methods and AI for decision-making.

Yves-Gabriel Lebœuf, president and CEO of Flinks, says: “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 fortunate to be a part of this adventure with National Bank and Luge Capital.”
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Canadian fintech fund launches with $75m

Canadian fintech fund launches with $75m

11 June 2018  |  4958 views  |  0 comments | 4 tweets | 7 linkedin
National Bank of Canada acquires interest in Myanmar mobile money outfit Ongo

National Bank of Canada acquires interest in Myanmar mobile money outfit Ongo

24 April 2017  |  11138 views  |  0 comments | 9 tweets | 9 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.aciworldwide.comVisit http://go.jumio.com/finextraAdVisit https://secure.vasco.com

Who is commenting?

A Finextra member Finextra Member Commented on: Mastercard enlists Wor...
Suresh K Suresh K Commented on: I am the password
A Finextra member Finextra Member Commented on: Mastercard enlists Wor...

Top topics

Most viewed Most shared
Handelsbanken trials micro contactless cardsHandelsbanken trials micro contactless car...
9811 views comments | 18 tweets | 30 linkedin
Championing financial inclusion and helping the UnstoppablesChampioning financial inclusion and helpin...
8355 views comments | 3 tweets | 1 linkedin
PayPal ready to spend $3bn a year on acquisitionsPayPal ready to spend $3bn a year on acqui...
8245 views comments | 13 tweets | 17 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
7805 views comments | 6 tweets | 14 linkedin
Faster Payments outage delays thousands of transactionsFaster Payments outage delays thousands of...
7160 views comments | 8 tweets | 19 linkedin

Featured job

to GBP £120K base, double ote, benefits
Frankfurt, Germany

Find your next job