Switching from a US to a Canadian solution improves TransferWise user experience, and signals growing industry collaboration
A simpler customer experience for Canadians
TransferWise, the international money transfer company, announced a partnership today 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.
Andrew Boyajian, Head of Banking, North America, TransferWise said: “Flinks is a major success story for fintech in Canada, and partnering with them was a no-brainer for TransferWise. Their team saw a problem and solved it, allowing TransferWise to improve the user experience for our customers.”
Yves-Gabriel Leboeuf, CEO, Flinks said: “We realized that US-based solutions were not reliable enough to provide Canadian consumers a good user experience. 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.”
TransferWise is a new kind of financial company for people and businesses that travel, live and work internationally. It’s the fairest, easiest way to manage your money across borders. With a simple money transfer platform and virtual accounts, it makes managing your money quick, easy and painless.
Co-founded by Taavet Hinrikus and Kristo Käärmann, TransferWise launched in 2011. It is one of the world’s most successful fintech startups having raised $390m in funding from investors such as IVP, Old Mutual, Andreessen Horowitz, Sir Richard Branson, Valar Ventures and Max Levchin of PayPal.
Over a million people use TransferWise to transfer over £1 billion every month, saving themselves over £1.5 million every day. www.transferwise.com
Flinks is the only financial data aggregator dedicated to the Canadian market. Flinks is a technology partner that developed an application programming interface (API) which syncs financial apps with customers’ banks to verify account information, transactions, and balances in real-time.
Launched in December 2016, Flinks is one of the fastest growing fintech companies in Canada. It was recently named a finalist for the Canadian Innovation Awards. www.flinks.io