Why am I asked to link my bank account when applying for Caary? Is this secure?
Business credit is typically assessed by looking at credit history, which many small businesses don’t have. By linking your bank account, Caary can assess your business based on cash flow and assets rather than credit history. This allows us to extend more corporate credit to small businesses in Canada without any personal guarantees or personal credit checks required.
This banking connection is enabled by Flinks, a reputed Canadian company backed by National Bank, that securely connects to over 250 million financial accounts.
Linking your bank account does not allow us to access your sign-in credentials or other sensitive information from your account. We take security and the protection of your data very seriously. You can read about our multi-layer approach to security here.
Who is Flinks ?
Caary uses an open banking platform partner called Flinks to secure your credit limit without doing personal credit checks. Learn more about open banking here.
Flinks is a technology-focused data aggregation company based in Montreal, Quebec that operates an API that allows applications to pull financial data to verify customer identity, monitor transaction history, and comply with FINTRAC regulations. In 2021, National Bank of Canada took a majority stake in Flinks: National Bank invests C$103m in fintech startup Flinks.