National Bank of Canada is paying C$103 million for a majority stake in Flinks, a Montreal-based data aggregation startup.
The deal sees National Bank's stake in Flinks rise from 28% to 80% and includes C$30 million in growth capital that will be used to build on the fintech's recent launch in the US.
Flinks connects hundreds of companies with banks in Canada, US and Europe, helping them access customers' account data.
With National Bank's backing, the firm not only wants to build out its US presence but also double its headcount and grow its market share in the wealth and lending spaces.
In its home market, it could be set to benefit from the Canadian government's recent move to pave the way for an open banking regime in the country by the beginning of 2023.
Yves-Gabriel Leboeuf, COE, Flinks, says: "With this investment, we have the financial backing, expertise, and network to make it ever more easy and efficient to use financial data."
Louis Vachon, CEO, National Bank of Canada, adds: "Flinks is strategically positioned at a key moment in the evolution of customer experiences.
"The combination of talent and data technology solutions that Flinks boast put them in a good position to capture the opportunities offered by a high-growth marketplace in North America."