Webull, a popular stock trading application with over 40 million downloads, is increasing its international footprint with the recent acquisition of Mexican investment platform Flink.
While Webull Corporation has roots in Hong Kong, the company moved its New York headquarters to St. Petersburg in November 2022. It offers low-commission online trading and cash management services.
Mexico City-based Flink allows its country’s users to invest in fractional shares of US-listed companies without paying additional fees. Anthony Denier, CEO of Webull, said the acquisition will add to the platform’s “huge global following.”
“Webull’s popularity in Mexico is based solely on our platform being used for research and information purposes,” Denier said. Catalyst. “It was a no-brainer for us to add brokerage services to our thousands of loyal users in Mexico.”
The company purchased all of Flink’s outstanding shares and also acquired Mexican brokerage Vifaru Casa de Bolsa as part of the transaction. Webull did not disclose further details of the deal, announced Nov. 28.
Flink has raised $70 million in funding since it launched in 2017. It noted 1.6 million users as of August 2021, the latest data.
Denier said Mexico’s young population is embracing technology and economic independence. “Access to best-in-class products and platforms – regardless of net worth – will be a game-changer for investors,” he said.
“Webull focuses on financial education and powerful tools and analytics to make anyone a better investor,” added Denier. “Our platform is adaptable to both first-time investors and seasoned professionals.”
That untapped potential is why a group of young professionals launched Flink in the first place. In 2021, co-founder and CEO Sergio Jimenez Amozurrutia told TechCrunch that it felt unfair that only a “tiny fraction” of his country’s 120 million-plus people had access to the capital markets.
Announcing the acquisition, Ruben Guerrero, Webull’s head of Latin America, noted Mexico’s demand for technology-based wealth-building solutions. He said Flink’s early success proved the market’s growth potential.
“Flink is pleased to become part of the Webull family as our two companies share similar visions and values around democratizing access for the everyday investor,” Flink co-founder Sergio Jiminez said in a prepared statement. “The synergies between Webull and Flink are obvious and will provide a good service to Mexican investors.”
Webull launched U.S. operations in 2018. Company officials bought marketing firm Catalina’s 157,755-square-foot headquarters in the Carillon business park for $29.5 million last year.
Webull offers online investment education to 180 countries. Its trading platform is available in the US, UK, Hong Kong, Singapore, Japan, South Africa, Australia, Indonesia and now, Mexico.
Denier said its headquarters in St. Petersburg would serve as “a technology and operations hub to assist the team on the ground in Mexico.” He also feels bullish about moving to Tampa Bay.
“St. Petersburg gives us the opportunity to tap into a thriving urban community while still allowing room for growth,” said Denier. “The talent pool is deep and the community is diverse. There is a tremendous sense of optimism around the Tampa/St. Pete area , which Webull is happy to contribute to.”