Fintech firm Fintel Connect raises $4.8M seed round
The Vancouver-based company plans to help more financial institutions accelerate digital transformation thanks to the capital.
From left to right: Carson Lappetito of Sunwest Bank, Charles Potts of ICBA, Alana Levine and Nicky Senyard of Fintel Connect, Carey Ransom of BTV, and Wayne Miller of ICBA (Photo courtesy of Fintel Connect on PR Newswire).
Fintel Connect, a fintech startup, has closed its seed round. The raise is reported by Betakit to be CAD $4.8 million. The funding was led by strategic investment firm BankTech Ventures (BTV) in the U.S. and supported by Canada's export credit agency Export Development Canada (EDC). The startup specializes in performance marketing technology for the financial industry.
Talk to the teller: "Our technology is helping consumers uncover product solutions from leading financial institutions and fintech [companies] that solve their unique financial problems, and in our current economic climate this is more important than ever," Nicky Senyard, CEO and founder of Fintel Connect, said. "The support of BTV and EDC will give us even more momentum to help our branded financial partners deliver solutions to customers in need."
"Community banks need to be armed with the right capabilities and partners to reach their growth potential," Carey Ransom, managing director of BTV, said. "It was quickly apparent to our team that Fintel Connect's digital marketing expertise and technology were unparalleled, and their commitment to helping community banks to succeed was evident. We're proud to have them within our ecosystem of high-impact solutions."
"Fintel's solutions are disrupting the way financial intuitions approach digital growth. The company's products facilitate the acquisition of digital customers in a more effective and cost-efficient manner," said Jacqueline Ovens, managing partner of mid-market lending and investments at EDC. "The fast-growing, woman-founded company is exactly the type of business that EDC's Inclusive Trade Investments Program aims to elevate. Fintel has a bright future ahead and EDC looks forward to supporting its journey."
Keep the receipts: Launched in 2020 by Senyard, a performance marketing veteran, Fintel Connect delivers specialized tools to scale growth safely and cost-effectively. The fintech company gained initial traction through partnerships with leading financial institutions in Canada, earning a majority market share within its first year of operations. Since expanding into the U.S., its team has quadrupled in size: The Vancouver-headquartered team now boasts 41 employees.
Set up online banking: Using the capital raised, Fintel Connect plans to help more of its clients — other fintech companies, banks, credit unions, and financial institutions — accelerate their digital transformation journeys. The company plans to fast-track the release of new features on its roadmap and grow its partnerships with financial services brands in the U.S.