Mexico-based neobank Flink has announced a partnership with DriveWealth, LLC, a US-based digital trading technology supplier, to add access to the US equities market to its platform. Leveraging DriveWealth’s real-time fractional share trading technology and API-enabled brokerage infrastructure, Flink customers will be able to invest in US stocks with as little as 30 pesos, directly funded from the Flink platform.
Flink has seen high demand for access to US stocks from its customers; currently there are 684,000 customers on a waitlist to access the new investing feature. As of April 2020, there were only 383,000 brokerage accounts in Mexico. Flink has rolled out US investing to a small selection of its waitlist, 90% of which are investing for the first time. The platform is particularly popular with young adults, as 78% of users are between the ages 18-30.
“We believe everyone should have the opportunity to invest in their favourite companies, and by embedding investing into new and existing digital experiences, consumers can diversify the way in which they build long-term wealth,” said Bob Cortright, founder and CEO of DriveWealth. “We’re pleased to partner with Flink to provide the infrastructure to help redefine the existing financial services landscape. With the unique position Flink has carved out in the Mexican market, they are poised to drive forward the democratization of financial services in the country.”
“Our mission is to set the standard for the next generation of digital banking, and to provide millions of people with access to different tools so that they are free to do with their money what they want,” said Sergio Jiminez, CEO and Founder of Flink. “Investing in companies on the New York Stock Exchange or NASDAQ was previously done through brokerage houses or something much more complex and traditional. Today, we are pleased to take the first step to provide thousands of people the opportunity to start building their future from a very small amount and with incredible ease.”