Berkeley, US-based fintech startup Flourish, a digital engagement platform for financial institutions raised US$ 1.5M in a funding round on 5 March 2021.
Investors: The funding round was led by Canary, a Brazilian venture capital firm. Other participants include Magma Capital, Xochi Ventures, First Check Ventures and GV Angels and strategic angels including Rodrigo Xavier (former Bank of America CEO in Brazil), Beth Stelluto (formerly of Schwab), Gustavo Lasala (president and CEO of The People Fund) and Brian Requarth (founder of Viva Real).
About Flourish
Founded in 2018 by Pedro Moura and Jessica Eting, Flourish offers an engagement and financial wellness solution for banks, fintechs and credit unions with an aim to help them engage and retain their clients. Flourish provides a number of features like, a rewards engine that is designed to incentivize users to save and invest money, an intelligent and automated micro-savings feature where users can create rules personalized according to their needs and a financial knowledge module where personal financial transactions turn into an interesting question and answer game.
The startup launched its business by testing end-user mechanics with various organizations such as CommonWealth and Opportunity Fund. It released a B2C version called the Flourish Savings App in 2019 for its banking platform. Flourish has licensed its solution to credit unions like Sicoob – Brazil’s largest credit union and BancoSol in Bolivia. It has clients in the U.S., Bolivia and Brazil. Its B2B model works through a partnership model that focuses on user activation and engagement.
The consulting team of Flourish helps companies to reduce the risk involved with innovating and launching new digital experiences. It aims to empower them to focus on their customers without neglecting their product viability and market trends.
What the founders have to say: “There are three things that make Latin America, and more specifically Brazil, attractive to us at this moment. Currently, the B2B financial technology market is still in its nascency. This combined with open banking regulation and the need for more responsible products provides Flourish with a unique opportunity in Brazil.” — Pedro Moura, co-founder of Flourish.
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