National Bank of Canada announced Wednesday (Aug. 25) it has invested $103 million in Montreal-based FinTech platform Flinks, including $30 million the company plans to use to expand its reach across North America after a successful launch in the U.S.
The investment will allow Flinks to “continue its fast-paced growth and meet the demands of FinTechs, asset managers, credit unions and banks with tools that enable innovation with financial data in North America,” according to the joint announcement.
Flinks is making a push into wealth and lending, and also plans to add to its capabilities in analytics and data enrichment. The company will double its headcount to meet those goals.
“Leveraging financial data still today requires technical know-how,” said Yves-Gabriel Leboeuf, Flinks’ CEO, in the joint announcement. “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,” he said.
“Flinks is strategically positioned at a key moment in the evolution of customer experiences,” said Louis Vachon, president and CEO at National Bank of Canada, in the joint announcement. “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.”
In other news across the Great White North, Canada’s largest online car shopping and delivery platform recently announced plans to expand, thanks to $100 million in new funding.
Canada Drives says the money will help bring the company’s online car buying and delivery service to new markets. It also hopes to add more than 200 people to its team and more than double the number of certified used vehicles available to consumers.
Canada Drives has more than 1,000 used vehicles for sale in Ontario and British Columbia that can be delivered the same day and is scaling up to boost that number.