Luge selects Flinks as its first investment
We’re delighted to announce that we’ve completed an investment in Montreal-based Flinks. This is Luge’s first investment, and a big milestone that starts the engines on a journey with great entrepreneurs. We’re thrilled to support Flinks, who is on a mission to simplify the delivery of next generation financial services.
Flinks currently specializes in the safe aggregation of transactional data, assisting in the Know-Your-Customer (KYC) process and verifying end users’ financial accounts. With the new injection of capital, Flinks will expand their product portfolio to include AI-based risk assessment capabilities, which are used to evaluate creditworthiness more effectively than the traditional credit score. The Flinks team has also set their sights on expanding into new geographies, including Australia, the UK and other parts of Western Europe. They’re planning to be active participants in the drive to implement the new PSD2 standards by helping banks externalize some of their data.
The adoption of fintech services has exploded over the past few years. The global average of fintech adoption in 2017 amongst internet-connected individuals in the 20 biggest economies was 33%. That number jumps to 69% for China, 52% for India and 42% for the UK. Flinks sits at the heart of these services, and continues to grow as people further adopt technology solutions for financial services.
At Luge, we look for strong entrepreneurs, tackling large global problems. Besides the excellence of the team, we were drawn to Flinks because we believe they are demonstrating the power of capturing rich data and using it to extract insights that can personalize an entire user experience. The implications are far-reaching.
We’ve been following Flinks for many months, and have been deeply impressed by their executional ability. They’ve built a high-performing platform that currently serves some of the most well-recognized brands in the industry including Transferwise, Wealthsimple and ATB Financial. The Flinks platform, which was built by a relentless passion for speed and accuracy, has become a foundational utility for their customers.
Flinks is putting more control into the hands of their customers to verify identity, fight fraud, improve access to credit, all while helping to make user experiences faster and more secure. They have plans to expand the team, bringing on exceptional talent for roles in data science, infrastructure, reliability and innovation.
We’re very excited to welcome Flinks into the Luge portfolio!
Karim Gillani, General Partner, Luge Capital