Developing better financial habits is something we can all benefit from, and Flourish Fi wants to be the engine of those efforts in Latin America.
The San Francisco-based startup, co-founded by Jessica Eting and Pedro Moura in 2018, licenses technology to banks and fintechs so they can offer better customer engagement and loyalty, while helping customers expand their knowledge of all things financial. , can increase.
“We work with a lot of people who are new to the financial system,” Eting told TechCrunch. “In Latin America, we also saw a lot more people opening a bank account when they went digital, especially given the government support programs that were put in place.”
We profiled the company in 2021 when it raised a $1.5 million pre-seed round led by Canary. Flourish Fi focuses on medium-sized banks and fintechs and offers a low-code SaaS model with three modules:
- A reward system that banks can customize to incentivize users when they complete tasks such as savings or paying bills on time.
- A financial knowledge module that turns customer account insights and spending patterns into a question-and-answer game.
- An information hub that gives the financial institution new insights into its consumers and helps it make business decisions.
Now armed with $2.3 million in new seed funding, the company is looking to expand its presence in Latin America, invest in product development and contribute to its 20-person team, Eting said.
Magma Partners led the round and was joined by Remarkable Ventures, Lightspeed Venture Partners Scout Fund, Canary, Seedstars, Kadmotek VC, I Am the Fund and a group of impact investors including Potencia Ventures, Amplifica Capital, Cap Table Coalition and Samir Goel. founder of fintech unicorn Esusu.
Since the pre-seed round, Flourish FI has progressed from early pilots to signing contracts with more than 10 clients from banks and financial institutions in Brazil, Bolivia and the United States. It is also an official partner of Mastercard to distribute its platform in Latin America.
When asked about Flourish Fi’s financials, Moura declined to get specific because of its early stage, but did say the company has helped its clients double their mobile app usage. Bank customers who used the startups features also deposited an average of about $300 more into their accounts.
“We’ve shown strong signs of customers returning,” he added. “Now we’re focused on how to go from dozens of customers to 15 to 20 customers and hundreds of thousands of recurring revenues to millions of recurring revenues. That is what it takes to reach customer metrics on the product and build a robust Series A to continue.”