Flourish raised a $2.3 million funding round, led by Magma Partners
We’re happy to announce that we’ve raised $2.3 million in our latest funding round. This milestone would not be possible without the support of our new and returning investors. The round is led by Magma Partners with participation of Remarkable Ventures, Lightspeed Venture Partners Scout Fund, Canary, Seedstars, Cap Table Coalition, I am the fund, Kadmotek VC, Potencia Ventures and Amplifica Capital.
Since announcing our pre-seed round last year, we have achieved important milestones in Brazil and selective countries across the Americas. We have landed and expanded new customers, while securing important ecosystem partnerships such as Mastercard and BoostLab.
We are excited to share our progress to date and where we will go next.
Why did we build Flourish FI?
We believe that everyone should have a path to financial health and the financial knowledge to navigate it. We, Flourish’s co-founders, have faced the struggles of living with a financial system that is not designed for people like us. We know first hand the challenge to build a good relationship with money, especially without good examples or incentives to develop positive habits.
Flourish’s technology increases engagement and loyalty for our financial institution customers, while empowering the end-user to have better money habits. We combine elements of behavioral science and gamification into a platform that is easily integrated into and branded for an institution’s pre-existing app. This allows financial institutions to offer personalized journeys powered by data and behavioral science that generate better insights to support decision making. Our technology is modular and can be licensed as a full package or in small blocks, creating unique solutions based on the bank, fintech and other financial institutions’ strategic objectives.
By licensing our technology to financial institutions across the Americas, we have the power to reach millions of people and help them on their financial journey.
The new funding round:
We are growing on a strong foundation! In 2021 we began licensing our technology to financial institutions and since then we partnered with institutions in Brazil, Bolivia, United States and soon Mexico. We are excited to see our contracts expanding and the results showing how our technology increases digital adoption, deposit growth as well as loyalty and trust between our customers and their clients.
With this round, we have raised a total of $4m to date. We will use the proceeds we raised and our revenues to invest in go to market and people. Our focus will be to improve our product and expand its use case in Latin America.
What’s next?
We are focusing on growing our clients in LATAM with a special focus in Brazil as the Brazilian Central Bank’s (BCB) has a set “pro-innovation” regulatory agenda that has been creating a favorable environment for fintechs.
Read more about Brazil’s financial innovation ecosystem.