Introduction
Barcelona-based FinTech company Flanks has raised €14 million in a new equity funding round, marking a significant milestone in its journey toward reshaping wealth management through automation. Led by Motive Ventures, with contributions from Battery Ventures, Earlybird, JME Ventures, and 4Founders Capital, this investment will fuel the company’s European expansion and enhance its product offerings.
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Why Is This News Relevant?
The wealth management industry is undergoing a digital transformation, with data automation playing a key role in enhancing efficiency, reducing costs, and improving client experiences. Flanks’ ability to aggregate, structure, and analyse wealth data in a seamless, automated manner helps financial advisors and banks provide better insights and investment decisions. The company’s expansion into France and the UK, along with its growing portfolio of over 500,000 processed accounts monthly, highlights the increasing demand for data-driven financial solutions.
With €37.1 billion in managed portfolios and a client base that includes over 100 banks, financial institutions, and advisors, Flanks is well on its way to becoming a key player in the wealth tech sector.
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Industry Comments
Joaquim de la Cruz, CEO and Co-Founder of Flanks
“This fundraise demonstrates the trajectory of Flanks and the progress the company has made since inception. Data is the foundation of the wealth management industry’s transformation. True change in wealth management requires building from the ground up, with data at its core and workflows on top.”
Ramin Niroumand, Head of Motive Ventures
“Flanks solves a key challenge in wealth management by automating how data is collected and used to provide better financial advice. With their ability to scale advisory services through smarter data use, Flanks is well-positioned to lead the next phase of growth in the industry.”
FAQs
What does Flanks do?
Flanks is a FinTech company specialising in wealth management automation. Its platform gathers, consolidates, and analyses wealth data to generate 360-degree reports for financial advisors, banks, and wealth managers.
How will the €14M investment be used?
The funds will support Flanks’ European expansion and product enhancements, including automated investment proposals and order execution capabilities.
How does Flanks differentiate itself from competitors?
Unlike many wealth management solutions that focus only on data visualisation, Flanks tackles the underlying challenges of data aggregation and completeness, ensuring that financial advisors have access to high-quality, structured data.
Who are Flanks’ major clients?
Flanks works with banks, financial advisors, and wealth management firms, processing over 500,000 portfolios per month and managing €37.1 billion in assets.
Conclusion
Flanks’ latest funding round underscores the growing importance of data automation in wealth management. With its focus on high-quality data aggregation and automation, the company is well-positioned to expand its European footprint and lead the industry’s next phase of digital transformation. As wealth managers increasingly seek efficient, scalable, and data-driven solutions, Flanks is proving to be a game-changer in financial advisory services.
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