Canadian financial data firm Flinks fuels up with $1.75m funding
Canada-based financial data aggregator Flinks is feeling rosy and pink with the closing of a $1.75 million investment round.
Its partners now include National Bank, Luge Capital (by extension, Caisse de dépôt et placement du Québec [CDPQ] and Desjardins Group, two of the fund’s major investors), Innostart Capital, Panache, iNovia Capital and Conconi Growth Partners.
As reported on 11 June, Luge Capital was looking for early-stage fintech companies and artificial intelligence (AI) solutions applied to financial services with its $75 million round of financing. It didn’t hang about.
Luge Capital’s general partner Karim Gillani says: “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.”
Flinks says it will use the financing to market its AI-powered risk assessment solution based on the “transaction habits of end-users and the health of their financial accounts”.
Its ambition is to expand its workforce to beyond 80 employees. In addition, it will use the funding to expand beyond being an API provider, and is currently developing Flinks Score, which can predict the creditworthiness of customers.
The latter is targeted to lenders – from retail to mortgage. The platform will tie a customer’s loan payments to their cash flow situation, predicting the best method for paying back that loan and by how much.
By the way, back in April, Flinks and Allai teamed up to combine Flinks’ technology with Allai’s insurance AI. They’re looking to grab a market share across claims, underwriting, and billing in the nation’s insurance industry.