fintech flink wants to make investors out of millennials
Contxto – The new feature fun continues. Fintech Flink will be releasing an additional option for its app. As of the second quarter of 2020, users can invest directly in various companies via Flink’s platform.
According to a recent press release, Flink has over 120,000 users among which 98 percent stated they were interested in making investments of some form. As a result, they’re giving users what they want.
Related article: Latinia makes undisclosed investment in Mexican neobank, Flink
Investments by the fraction
As is, Flink allows users to own a digital bank account and complete transactions via a physical debit card. Its target market is millennials judging by its expense tracking and financial-goal setting features.
But apparently these users also want to invest. And they’ll be able to later this year.
Perhaps the marketing appeal behind the announcement is that people will be able to place their money on familiar and beloved brands such as Netflix, Disney, and Tesla.
While the normal price for one share for such titans is very expensive, Flink will allow users to buy “shares of shares.” By which I mean if at the moment, one share of Netflix costs MXN$6,380 (US$340); users can invest as little as MXN$20 (US$1) and thus, have a share of a share.
Ultimately, the user preps their own investment portfolio and will receive instant notifications on how his or her shares are performing.
Likewise, another selling point is that Flink charges no commission to handle these investments.
Spearheading savings efforts?
Mexico still has a way to go in terms of financial inclusion. According to a government study, only 40 percent of the overall population saves for their retirement and cash continues to be king.
But perhaps for newer generations, getting a taste of making an investment may motivate them to be smarter about their savings.
Assuming they understand the research and often patience needed to invest and that it’s not a “get rich quick” fix.
-ML
