Mexico-based neobank Flink today announced a partnership with DriveWealth, LLC, a U.S.-based leader in global digital trading technology, to add access to the U.S. equities market to their platform. Leveraging DriveWealth’s real-time fractional share trading technology and API-enabled brokerage infrastructure, Flink customers will be able to invest in U.S. stocks with as little as 30 pesos directly funded from the Flink platform.
Flink has seen high demand for access to U.S. 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 U.S. 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 favorite 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.”
“We are excited to partner with Flink to offer US investing to Flink customers of any size,” said Michael Fitzgerald, DriveWealth’s Head of Corporate Strategy who focuses on global neobanks. “DriveWealth’s real-time fractional share trading technology allows retail investors around the world to own real U.S. stocks at a price they can afford. Now investors in Mexico have the same opportunity to invest with only a few clicks on the Flink platform.”
“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.”