Open wealth platform Flanks has raised $8 million in a Series A funding round led by Earlybird Venture Capital, with participation from existing investors JME Ventures and 4Founders Capital.
Raffaele Terrone, co-founder of the Italian FinTech unicorn Scalapay, and Martin Kassing, co-founder and CEO of Upvest, also joined the round as angel investors.
Based in Barcelona, Flanks provides a single API for aggregated wealth data across custodians, allowing clients to view their investment portfolios in real-time. The platform is compatible with over 300 banks globally and aggregates more than half a million investment portfolios each month.
Flanks was established in 2019 by software engineers Joaquim de la Cruz and Sergi Lao, along with private banking executive Álvaro Morales. The company serves a variety of clients, ranging from large financial institutions to family offices and independent financial advisors.
With the new funding, Flanks intends to expand its offerings within the wealth management value chain, automating processes such as profiling, reporting, and investment memorandums, while also introducing algorithms for intelligent alerts and investment decisions.
Álvaro Morales, chief strategy officer of Flanks and former global head of private banking at Banco Santander, remarked, “Until now, many financial advisors conducted their work without a comprehensive understanding of their customers’ overall asset allocation. The forthcoming MiFID III regulation is likely to demand greater scrutiny of an investor’s existing wealth before providing financial advice. The technology from Flanks, empowered by this funding round, will significantly transform the relationship between financial advisors and their clients.”