Bank engagement startup Flourish Fi leans into concept of ‘banks aren’t going anywhere’

Developing better financial habits is something we can all benefit from, and Flourish Fi wants to be the engine that drives those efforts.

The San Francisco-based startup licenses technology to banks and fintechs so that they can provide better customer engagement and loyalty while increasing their knowledge of all things financial.

A lot of people who are new to the financial system are working with us. In Latin America, we saw a lot more people open a banking account when they were able to use the internet.

The company was profiled in 2020 when it raised a pre-seed round. Flourish Fi is focused on mid-sized banks and fintechs.

• A rewards engine that banks can tailor to incentivize users when they complete tasks like saving or paying bills on time.
• A financial knowledge module where customer account insights and spending patterns are turned into a question-and-answer game.
• An intelligence hub that provides the financial institution with new insights on its consumers and helps drive business decisions.

Pedro and Jessica are co- founders of Flourish Fi.

Eting said that the company is looking to expand its presence in Latin America, invest in product development and add to its 20-person team.

Magma Partners led the round and was joined by Lightspeed Venture Partners and a group of impact investors.

Since its pre-seed round, the company has signed contracts with more than 10 bank and financial institution clients. In Latin America, it is an official Mastercard partner.

The company has helped its customers see double the mobile app usage, despite the fact that it is early in the company's life cycle. Banking customers who use the startup features deposited an average of $300 more in their accounts.

He said that they have shown signs that customers are coming back. We want to go from dozens of customers to 15 to 20 customers and hundreds of thousands of dollars in recurring revenue. It would need to be done so that we could raise a robust Series A to continue.

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