Flanks Announces the Completion of € 14 Million Funding Round
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Barcelona-based wealth management automation FinTech, Flanks, has announced the completion of a € 14 million funding round. According to the announcement, the additional fund will be used to accelerate its expansion in Europe.
The round was led by Motive Vetures, but several other venture capitalists also participated. These include 4Founders Capital, JME Ventures, and other existing investors like Earlybird.
Flanks, which offers data-driven wealth management services, was founded in 2019. The platform is built to simplify wealth management for investors. It collects high-quality data and merges it into customized wealth reports.
Flanks Sets To Expand Its Product Offerings With The New Funds
Flanks says it will use the additional fund to expand its product offerings, which includes the introduction of automated investments and order execution systems. The company has made judicious use of its previous investment round as it successfully expanded into the UK and France while adding more products to its offerings.
The firm says it now has more than 500,000 portfolios monthly, offering support to both structured and unstructured data. Flanks is used by over 100 advisors and financial institutions, as it continues to manage portfolios worth more than € 37.1 billion.
Co-founder and Chief Executive Officer of Flanks, Joaquim de la Cruz, commented on the funding round. He noted that the round is a clear demonstration of the progress the company has made so far in the industry.
Joaquim noted that many solutions do not ensure a 360-degree view of portfolios or address a deeper challenge of data aggregation with complete and high-quality data. But Flanks is delivering such data effectively to clients and investors who need such data to make investment decisions.
Flanks Wants To Revolutionize The Wealth Management Sector
Flanks recognizes the true revolution in wealth management, which requires building from the ground up, using data as its fundamentals at the top.
Ramin Niroumand, Head of Motive Ventures, also commented on the latest funding. He noted that Flanks has been solving major challenges in the wealth management industry. The platform automates how data is gathered and utilized to offer better financial advice.
Ramin says Motive is always interested in organizations like Flanks that provide solutions and drive major changes in the wealth management industry. Flanks have shown technical strength to provide tools and services that can help investors make better financial decisions, according to Ramin. He hopes that the relationship will continue as the companies strive to revolutionize the data management landscape.
