Webull Acquires Flink, Expanding Into Mexico Market

Anurag Paul

28th Nov'23
Webull Acquires Flink, Expanding Into Mexico Market | OpenGrowth

One of the most popular online stock trading apps, Webull, has set foot in the Mexican market after acquiring Flink.

Webull did not disclose the details of the financial deal they had with Flink. Webull, an online trading platform coming from China operating in USA, is competing with Robinhood in offering zero commission and cash management services. In December of 2021, the company relocated its global headquarters from New York and settled in St. Petersburg, Florida.

Flink was launched in 2017 and is headquartered in Mexico City. This is over $57 million of its Series B round in August 2021. Some of its investors are Accel, Lightspeed Venture Partners, ALLVP, Clocktower, and Mantis Venture Capital, the latter having been established by The Chainsmokers. The users in Mexico can invest in U.S. listed companies’ fractioned shares without paying any commission fee.

This acquisition goes beyond taking over of Flink and includes acquisition of Mexico brokerage firm – Vifaru Casa de Bolsa that Flink had agreed to buy in May 2022.

What did Flink Express To TechCrunch?

Sergio Jiménez Amozurrutia, the CEO and co-founder of Flink, told TechCrunch that there were few investment opportunities in Mexico’s capital markets because they served the country’s population of more than 120 million, out of which very

One example of this strategy is the Flink platform that launched its app in 2018 featuring virtual and physical versions of a wallet service and global debit cards supported by Mastercard. In 2020, the platform expanded its services, making it possible to acquire fractional portions of shares from 30 pesos of NYSE listed stocks without commission. Flink has currently over 1.6 million users although its figures for today are unknown.

Ruben Guerrero, Head of Latin America at Webull, pointed out the prospects of the Mexican market. He mentioned that Mexico has a youthful, vibrant population with a major but largely untapped appetite for tech-solutions to wealth creation.

Guerrero pointed out that this demand was evident from Flink’s initial success. He thinks that the technological approach adopted by webull to offer low cost entry into global markets would be appropriate for investors from many diverse economies, especially those from Mexico. He indicated an intention of improving on Flink’s success through provision of increased investment product range to the customers coupled up a simplified technology and high caliber customer care.

This will ensure that Flink’s customer will continue having access to US stock trading via their existing system. Going forward, Webull hopes to integrate its technology into Flinks system and offer investment products as well as cash management services that are suited for the Mexican market in the coming few months.

Initially, Webull launched a trading platform in the US in 2018; however, it was carried out through an affiliate that is registered with the SEC and is a member of FINRA. It has managed to grow into the international scene with more than 8, 000, 000 accounts opened today. With this new addition, Mexico is also part of Webull’s operations in nine markets including the United States, Hong Kong, Singapore, Indonesia, Australia, South Africa, Japan, the United Kingdom, and Webull.

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Anurag has been writing content for over eight years, and he is dedicated to it and cannot see himself in any other industry. As a passionate writer, he is interested in business and entrepreneurship. An accomplished technologist and financial expert, he strives to empower others through entrepreneurship, leaving his comfort zone to explore entrepreneurship. Having worked in the Financial sector for more than five years as a full-timer, he also has a keen interest in Corporate Finance ...

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