Montreal-based Flinks has partnered with Transferwise, a UK-based firm that works to provide international money transfer at lower rates than banks.
Transferwise first moved into Canada in April 2016. Flinks, a financial data aggregator, operates as a partner API syncing financial apps with customers’ banks to verify account information, transactions, and balances in real-time. The company raised $500,000 in July 2017, and has partnered with companies like Merchant Advance Capital to power processes for customers.
Flinks specifically targets the Canadian market. “We realized that US-based solutions were not reliable enough to provide Canadian consumers a good user experience,” said Yves-Gabriel Leboeuf, CEO of Flinks. “Winning the support of TransferWise, a hugely successful FinTech and one that we look up to, is strong validation. We’re excited to continue expanding into the global arena.”
Flinks will facilitate instant account verification and act as the link between Transferwise and Canadian banks to perform secure payments in a more seamless way. Transferwise said that, since 2016, it has saved Canadians $500,000 per month with the real exchange rate.
“Flinks is a major success story for FinTech in Canada, and partnering with them was a no-brainer for TransferWise,” said Andrew Boyajian, head of banking of North America at TransferWise. “Their team saw a problem and solved it, allowing TransferWise to improve the user experience for our customers.”