LatamList – Flink, a Mexican lending platform, raised a $12M Series A funding round led by Accel. Other investors included ALLVP, Raptor Financial Group, Clocktower, Kevin Efrusy, and Oskar Hjertonsson.
Flink is an app-based consumer trading platform with over one million users in Mexico. Co-founders Sergio Jiménez Amozurrutia and Rick Rafael Bueno built the platform to democratize capital market investment for the 120 million Mexicans in the country.
“Most legacy Mexican banks cater to less than 1% of the population – meaning that most Mexicans don’t have a bank account, let alone a brokerage account. At Flink, we’re guided by the belief that Mexico’s financial system should work for everyone – not only a select few,” said Amozurrutia.
According to Amozurrutia, Flink is now the largest retail brokerage service in Mexico. The site has 800,000 active accounts and attracts an average of 6,000 new customers a day. Flink also wants to educate new investors, not just open up the market. The platform has built an online community where people can share ideas, advice, and knowledge.
“A high percentage of customers are of a younger demographic that has never invested before, and never had the tools or opportunity to use a product like Flink,” said Andrew Braccia, Accel Partner. “It’s a responsibility we take very seriously so we’re trying to make sure there’s a tremendous amount of education and transparency in the process.”
Flink is looking to expand into other countries in the region where there is already a demand for the product. The startup will also use the funding to improve user experience and product offering, and to make more employee hires.
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