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In a strategic move set to reshape its global footprint, popular stock trading app Webull has made waves by acquiring Mexican investment platform Flink, solidifying its entry into the dynamic Mexican market. The financial intricacies of this deal remain undisclosed, adding an air of anticipation to the burgeoning partnership.
Webull, known for its roots in China but currently based in the United States, stands tall as a formidable competitor to Robinhood. Renowned as a low-commission online trading platform with cash management features, the company recently relocated its global headquarters from New York to St. Petersburg, Florida. The acquisition of Flink not only broadens Webull's geographical reach but also intensifies the competition in the evolving landscape of low-commission trading platforms.
Founded in 2017, Flink, headquartered in Mexico City, has secured a noteworthy $70 million in funding, including a substantial $57 million Series B announced in August 2021. Backed by notable investors such as Accel, Lightspeed Venture Partners, ALLVP, Clocktower, and Mantis Venture Capital (founded by The Chainsmokers), Flink empowers Mexican consumers to invest in fractional shares of U.S.-listed companies without the burden of commissions. The acquisition also includes the integration of Mexican brokerage Vifaru Casa de Bolsa, previously acquired by Flink in May 2022.
At the heart of Flink's mission is the drive to democratize investing in Mexico, where CEO and co-founder Sergio Jiménez Amozurrutia highlighted the disparity in access to capital markets among the country's vast population. Flink's user-friendly approach, offering the ability to buy and sell fractional shares without commissions, garnered it 1.6 million users by August 2021, showcasing the pent-up demand for accessible wealth-building solutions in Mexico.
Ruben Guerrero, Webull’s Head of Latin America, sees Mexico as a thriving market with a young and vibrant population hungry for technology-driven wealth-building solutions. He expressed Webull's intent to build on Flink's success by offering a broader range of investment products, cutting-edge technology, and top-notch customer support. As Webull integrates its technology into the Flink platform, Mexican users can expect a seamless experience and the introduction of local investment and cash management products in the coming months.
Webull's acquisition of Flink not only marks a strategic move into the burgeoning Mexican market but signals the company's commitment to providing accessible and innovative financial solutions globally. As the integration unfolds, Webull's expansion into Mexico promises to bring a new era of financial inclusivity and opportunity, setting the stage for an exciting chapter in the evolution of online trading platforms.
