Webull leaps into Mexico with acquisition of inventory buying and selling app Flink

Widespread inventory buying and selling app Webull has acquired Mexican funding platform Flink, giving it an entry into the Mexico market.

Monetary phrases of the deal weren’t disclosed.

Though Webull has China roots, it’s primarily based in the US and rivals Robinhood within the nation as a low-commission on-line buying and selling platform that additionally gives money administration. It not too long ago moved its world headquarters from New York to St. Petersburg, Florida.

Based in 2017, Mexico Metropolis–primarily based Flink has raised $70 million in funding, together with a $57 million Series B that was introduced in August of 2021. Backers embody Accel, Lightspeed Enterprise Companions, ALLVP, Clocktower and Mantis Enterprise Capital (based by the Chainsmokers). The startup offers Mexican customers a technique to put money into fractional shares of U.S.-listed firms with out commissions.

As a part of the transaction, Webull can also be selecting up Mexican brokerage Vifaru Casa de Bolsa, which Flink agreed to buy in Might 2022.

On the time of Flink’s final increase, CEO and co-founder Sergio Jiménez Amozurrutia advised TechCrunch it felt unfair that in his nation of greater than 120 million individuals, solely a tiny fraction of the inhabitants had the flexibility to put money into the capital markets.

Flink launched its app in 2018 with a pockets service, a digital and bodily world debit card backed by Mastercard, and in 2020, it started providing the flexibility to purchase and promote fractional shares from 30 pesos, with out commissions, for NYSE-listed shares. As of August 2021, it had 1.6 million customers. It isn’t recognized what number of it has immediately.

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

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

Flink’s prospects will proceed to have entry to buying and selling U.S. shares over the Flink platform. Within the coming months, Webull plans to combine its personal expertise into the platform and launch native Mexican funding and money administration merchandise.

The Webull buying and selling platform launched in the US in 2018 by means of a subsidiary of Webull that’s an SEC-registered broker-dealer and FINRA member. At this time, it has over 8 million opened accounts globally. With the addition of Mexico, Webull now operates in 9 markets, together with the U.S., Hong Kong, Singapore, Indonesia, Australia, South Africa, Japan, and the U.Ok.

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