National Bank of Canada has made a $103 million investment, including $30 million in growth capital, in Montreal-based fintech Flinks to fund its US presence.
The growth capital will be used to accelerate its expansion activities in the US, where it plans to double its headcount, and grow its market share in the wealth and lending spaces, in addition to bolstering its offerings in analytics and data enrichment.
Flinks said that the investment will also allow it 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.
“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,” Flinks CEO Yves-Gabriel Leboeuf said.
“That’s why Flinks has been developing a leading data enrichment and connectivity platform.”
Leboeuf added: “With this investment, we have the financial backing, expertise, and network to make it ever more easy and efficient to use financial data.”
Louis Vachon, president and CEO of National Bank of Canada, 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 boasts puts them in a good position to capture the opportunities offered by a high-growth marketplace in North America.”
Flinks announced in July 2020 that it had closed a Series A $11 million funding round led by NAventures, National Bank’s corporate venture capital arm.