Webull jumps into Mexico with the acquisition of stock trading app Flink

Popular stock trading app Webull acquires Mexican investment platform Flinkgiving it entry into the Mexican market.

Financial terms of the deal were not disclosed.

Although Webull has roots in China, it is based in the United States and rivals Robinhood in the country as a low-commission online trading platform that also offers cash management. It recently moved its global headquarters from New York to St. Petersburg, Florida.

Founded in 2017, based in Mexico City Flink raised $70 million in funding, incl a $57 million Series B which was announced in August of 2021. The supporters include Accel, Lightspeed Venture Partners, ALLVP, Clocktower and Mantis Venture Capital (founded by The Chainsmokers). The startup gives Mexican consumers a way to invest in fractional shares of US-listed companies without commission.

As part of the transaction, Webull also selected Mexican brokerage Vifaru Casa de Bolsa, which Flink agreed to buy in May 2022.

At the time of Flink’s last raise, CEO and co-founder Sergio Jiménez Amozurrutia told TechCrunch that it felt unfair that in his country of more than 120 million people, only one small fraction of the population has the ability to invest in the capital markets.

Flink launched its app in 2018 with a wallet service, a digital and physical global debit card supported by Mastercard and in 2020, it began offering the ability to buy and sell fractional shares from 30 pesos , without commission, for stocks listed on the NYSE. As of August 2021, it has 1.6 million users. Don’t know how many it has now.

In a written statement, Ruben Guerrero, Webull’s head of Latin America, describes the Mexican market as one with “a young and vibrant population with a strong and untapped demand for wealth building solutions technology-based.”

He added: “We believe that Flink’s early success is proof of this need, and that Webull’s approach to using technology to provide affordable access to global markets for investors in all economies is a perfect fit for Mexico. We look forward to building on Flink’s success by offering its customers a broader set of investment products, user-friendly technology, and world-class support.

Flink customers will continue to have access to trade US stocks on the Flink platform. In the coming months, Webull plans to integrate its own platform technology and launch local Mexican investment and money management products.

The Webull trading platform launched in the United States in 2018 through Webull’s subsidiary, which is an SEC-registered broker-dealer and FINRA member. Today, it has more than 8 million opened accounts worldwide. With the addition of Mexico, Webull now operates in nine markets, including the US, Hong Kong, Singapore, Indonesia, Australia, South Africa, Japan, and the UK.

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