Barcelona-based wealth management platform Flanks has successfully secured €14 million in an equity funding round, spearheaded by Motive Ventures. This round also saw participation from Battery Ventures, Earlybird, JME Ventures, and 4Founders Capital. The capital raised will facilitate the company’s expansion efforts across Europe.
Established in 2019 by software engineers Joaquim de la Cruz and Sergi Lao, alongside Álvaro Morales, the former global head of Santander Private Banking, Flanks is dedicated to connecting complex data from various asset classes worldwide and converting that data into actionable insights for financial advisors.
Initially launched as a wealth data aggregation solution, Flanks has transformed into a comprehensive end-to-end platform. It aggregates, reconciles, and enhances data from both public and private markets globally, providing meaningful insights. By leveraging its robust data infrastructure, Flanks offers a complete suite of services, including 360-degree client reporting, portfolio analysis, and tailored projections. The company has plans to expand its capabilities to encompass order execution and automated investment proposals.
Currently, Flanks manages over 500,000 portfolios each month, servicing more than 100 banks, advisors, and large financial institutions, which collectively manage portfolios valued at over $39 billion. With this latest round of funding, Flanks aims to establish a stronger presence in France and the UK, specifically targeting the enterprise sector to assist leading Tier 1 banks in providing automated advisory services to their clients.
“Flanks addresses a crucial challenge in wealth management by automating the collection and application of data to enhance financial advisory services,” stated Ramin Niroumand, head of Motive Ventures.