Magma Partners backs Flourish Fi in new $2.3M seed round

Flourish-Fi- Pedro-and-Jessica

San Francisco-based startup Flourish Fi secured $2.3 million in new seed funding led by Magma Partners. The round was joined by Remarkable Ventures, Lightspeed Venture Partners Scout Fund, Canary, Seedstars, Kadmotek VC, I Am the Fund and a group of impact investors, including Potencia Ventures, Amplifica Capital, Cap Table Coalition and Samir Goel, founder of fintech unicorn Esusu.

The startup plans to use the net proceeds to expand its presence in Latin America, invest in product development and add to its 20-person team. Flourish Fi helps financial institutions attract, engage and retain consumers, through a suite of rewards, loyalty and savings features. The platform enables financial institutions to support their customers’ financial health while forming more loyal and profitable relationships. 

“We work with a lot of individuals who are new to the financial system. In Latin America, we also saw a lot more people open a banking account when they became digitized, especially given the government assistance programs being started.”

Jessica Eting, cofounder and COO of Flourish Fi told TechCrunch.

Flourish FI was co-founded by Jessica Eting and Pedro Moura in 2018 as a SaaS venture to provide better customer engagement and loyalty to companies, while customers increase their financial knowledge.

Since its pre-seed round, Flourish FI has advanced from early pilots into signing contracts with over 10 bank and financial institution clients in Brazil, Bolivia and the United States. It is also an official Mastercard partner to distribute its platform in Latin America.

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