January 19, 2018
TransferWise partners with Flinks
Switching from a U.S. to a Canadian solution improves TransferWise user experience, signals growing industry collaboration
NEW YORK, NY -- TransferWise has announced a partnership with Flinks, a FinTech startup from Montreal. Flinks is the only financial data aggregator dedicated to the Canadian market. As a partner application programming interface (API), it syncs financial apps with customers’ banks to verify account information, transactions, and balances in real-time.
Recognizing that a homegrown solution would better serve its Canadian customers, TransferWise teamed up with Flinks and is proud to be the startup’s first global customer. With Flinks now facilitating instant account verification and serving as the link between the innovative platform and Canadian banks to perform secure payments, TransferWise customers enjoy a faster, more seamless experience. And because Flinks is a bilingual API, it means TransferWise can offer a better French language experience for its customers in Quebec and across Canada.
The partnership is a prime example of collaboration helping to drive Canada’s fintech sector. The Competition Bureau’s latest report encourages collaboration throughout the sector -- among regulators, among the public and private sector, and between industry participants. TransferWise and Flinks’ coming together represents a mutual commitment to innovation and delivering consumers the best possible user experience.
Since 2016, TransferWise has been putting almost half a million dollars per month back in Canadians’ pockets by letting them send money with the real exchange rate. TransferWise was the first service provider to enable international money transfers in and out of Canada via Facebook Messenger. In August 2017, TransferWise announced its Borderless account, which lets businesses and freelancers hold money in up to 27 currencies with access to local bank account details for the US, Europe, and the UK. The company’s Canadian user base has grown 215 per cent from July 2016 to July 2017. Consumers are moving more than $100 million CAD into and out of Canada through the platform each month.
“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, North America, TransferWise. "Their team saw a problem and solved it, allowing TransferWise to improve the user experience for our customers.”
“We realized that U.S.-based solutions were not reliable enough to provide Canadian consumers a good user experience," said Yves-Gabriel Leboeuf, CEO, 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.”