Barcelona Wealth Manager Flanks Raises €14 Million Which Will Be Used For A Push Across Europe
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Flanks, a wealth management company based in Barcelona, recently concluded an equity round aimed at raising funds for the firm’s expansion across Europe.
The round was led by Motive Ventures, which was also joined by a number of other big names, including JME Ventures, Earlybird, Battery Ventures, and 4Founders Capital. The round raised around €14 million and will enable the company’s growth and expansion.
Flanks has been around since 2019, when it was founded by software engineers Sergi Lao and Joaquim de la Cruz, alongside the former global head of Santander Private Banking, Alvaro Morales. The founders imagined it as a platform that could connect complex data from any asset class around the world, and transform it into actionable insights for advisors.
Over the course of the last six years, the company evolved from this wealth data aggregator into an end-to-end platform that aggregates, reconciles, and enriches data for all asset classes, including both private and public markets around the world.
It provides actionable insights, and leverages the data infrastructure, which allows it to offer 360º client reporting, custom projections, and portfolio insights.
Flanks’ Plans For The Raised Funds
As part of its plans for the future, Flanks will use a portion of the funds to expand its offering and add new features such as automated investment proposals and order executions.
The company already processes over half a million portfolios every month, and more than 100 banks, financial institutions, and advisors are using its services. The firm helps them with managing portfolios whose total worth exceeds $39 billion dollars.
While Flanks has done exceptionally well so far, especially during the previous years which were quite difficult for the financial industry, its goal now is to continue its growth and spread across Europe. The new funds will primarily be used towards this goal, with Flanks planning to first move into the UK and France, where it will target the enterprise segment.
Its first move is to help global Tier 1 banks by offering automated advisory to their customers. The CEO of the equity round’s leader, Motive Ventures, Ramin Niroumand, praised the company by stating that Flanks can solve key challenges in wealth management by automating the data collection process and using it to offer superior financial advice.
