National Bank, Luge Capital join Flinks’ $1.75 mln seed round


Photo courtesy of Flinks

Montréal-based financial technology startup Flinks has raised $1.75 million in a seed-stage financing.

National Bank of Canada and Luge Capital invested in the round as did Innostart Capital, Panache Ventures, iNovia Capital and Conconi Growth Partners.

Founded in 2017 by CEO Yves-Gabriel Leboeuf, CTO Julien Dubé-Cousineau and COO Frédérick Lavoie, Flinks helps consumers safely share their financial data with banking and non-banking digital services. It will use the funds raised to accelerate growth and market an artificial intelligence-powered risk assessment solution.

Flinks is the first investment of Luge, which last month raised an initial $75 million for its inaugural early-stage financial technology fund.

PRESS RELEASE

National Bank and Luge Capital participate in a $1.75 million investment in Canadian fintech leader Flinks

Montreal, July 4, 2018 – National Bank and Luge Capital are proud to announce a $1.75 million investment in Flinks, a leading Canadian fintech founded in Montreal. This investment is part of a first round of financing that Flinks will use to accelerate growth and market an AI-powered risk assessment solution based on the transaction habits of end users and the health of their financial accounts.

Four other partners, Innostart Capital, Panache, iNovia Capital and Conconi Growth Partners, are also participating in this round of financing.

Flinks specializes in aggregating financial data and verifying bank accounts, a critical component for many fintechs. A number of large financial service providers, including TransferWise, Wealthsimple and ATB Financial, are already using its platform.

Quotes

“In today’s world of accelerated digital transformation, National Bank strives to be at the forefront by offering its clients innovative solutions that are convenient, simple and efficient. It is very important for us to support environments that stimulate innovation and have a positive impact on customer experience. That is why we are pleased to join forces with Montreal-based Flinks,” commented David Furlong, Senior Vice-President – Artificial Intelligence, Venture Capital and Blockchain, at National Bank.

“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,” said Yves-Gabriel Lebœuf, President and CEO of Flinks.

“The Flinks team has built a world-class platform that has become essential infrastructure for its clients. The team’s ambition is to apply its technology in new industries and across many regions. We’re delighted to support their mission,” confirmed Karim Gillani, General Partner, Luge Capital.

About National Bank of Canada
With $256 billion in assets as at April 30, 2018, National Bank of Canada, together with its subsidiaries, forms one of Canada’s leading integrated financial groups. It has more than 22,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. The Bank’s securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.

About Luge Capital
Luge Capital is a venture capital fund focused on early stage fintech and artificial intelligence (AI) applied to financial services. We invest in talented teams shaping the way the world interacts with financial services. Luge looks for founders that improve customer experiences, remove complexity, make financial institutions more efficient and use data-driven methods decision-making. We work closely with entrepreneurs and their teams in their efforts to build world-class companies by sharing our extensive network, experience and industry insights. www.luge.vc

About Flinks
The 18 month-old startup is the leading open banking enabler in Canada. It currently connects just shy of 200 fintechs and banks in Canada, US and Europe to over 250,000,000 financial accounts. The network Flinks has built enables Canadian consumers to safely share their financial data with banking or nonbanking digital services. The adoption of the service is rapidly picking up, with over 3% of the Canadian population already having used Flinks. The company expects that number to grow to 10% by the end of this year. Follow Flinks’ activities at flinks.io or on LinkedIn.

For more information:

National Bank
Claudia Gervais
Senior Director, Public Relations, Client Services
Sid Lee [email protected]
Tel.: 514-778.9870

Luge Capital
Sonia Gasparini
Marketing and Operations Manager [email protected] Tel.: 514-998-2020

Flinks
Frédérick Lavoie Founder and COO
[email protected] Tel.: 514-546-5999

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