Image credits: flink
Popular stock trading app Webull acquires Mexican investment platform flinkEnables entry into the Mexican market.
Financial terms of the deal were not disclosed.
Although it has roots in China, Webull is based in the United States and competes with the country’s Robinhood as a low-fee online trading platform that also offers cash management. The company recently moved its global headquarters from New York to St. Petersburg, Florida.
Founded in 2017 and based in Mexico City flink Raised $70 million in funding, including $57 million Series B Announced in August 2021. Supporters include: Accel, Lightspeed Venture Partners, ALLVP, Clocktower, Mantis Venture Capital (founded by The Chainsmokers). The startup offers Mexican consumers a fee-free way to invest in fractional shares of U.S.-listed companies.
As part of the deal, Webull is also acquiring Mexican brokerage firm Vifal Casa de Bolsa, which Flink has agreed to acquire in May 2022.
During Frink’s last raise, CEO and co-founder Sergio JimĂ©nez Amosrutia told TechCrunch that it was unfair for his country of more than 120 million people to have only one. He said he felt it. a small part Half of the population had the ability to invest in capital markets.
In 2018, Flink launched an app with a wallet service, a digital and physical global debit card backed by Mastercard, and in 2020 started offering fractional shares of New York Stock Exchange-listed stocks starting at P30 without fees. We have started providing functions that allow you to buy and sell. As of August 2021, the number of users was 1.6 million. It is unknown how many there are currently.
In a written statement, Ruben Guerrero, head of Latin America at Webull, said the Mexican market has a “young and vibrant population and strong untapped demand for technology-based wealth creation solutions.”
He added: “Flink’s early success is evidence of this demand, and Webull’s approach of using technology to provide investors in all economies with low-cost access to global markets is a perfect fit for Mexico. I believe it,” he added. We look forward to building on Flink’s success by offering our customers a broader range of investment products, user-friendly technology and world-class support. ”
Flink customers will continue to have access to trade U.S. stocks through the Flink platform. In the coming months, Webull plans to integrate proprietary technology into its platform and launch local Mexican investment and money management products.
The Webull trading platform was launched in the United States in 2018 through a subsidiary of Webull, an SEC-registered broker-dealer and member FINRA. Currently, he has over 8 million accounts opened worldwide. In addition to Mexico, Webull operates in nine markets including the United States, Hong Kong, Singapore, Indonesia, Australia, South Africa, Japan, and the United Kingdom.
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