Barcelona-based wealth management platform Flanks has raised €14 million in an equity round led by Motive Ventures.
Battery Ventures, Earlybird, JME Ventures, and 4Founders Capital joined the round, the proceeds of which will be used for a push across Europe.
Founded in 2019 by software engineers Joaquim de la Cruz and Sergi Lao with former global head of Santander Private Banking Álvaro Morales, Flanks promises to connect complex data from any asset class worldwide and transforms it into actionable insights for advisors.
The firm has evolved from a wealth data aggregation solution into an end-to-end platform that aggregates, reconciles, and enriches data across all asset classes from both public and private markets globally, providing actionable insights.
Leveraging this data infrastructure, Flanks says it offers 360º client reporting, portfolio insights, and custom projections. The company plans to expand its offering to include order execution and automated investment proposals.
Flanks now processes more than 500,000 portfolios per month, and is used by over 100 banks, advisors and large financial institutions to help manage portfolios worth more than $39 billion.
With the latest funding in place, Flanks plans to move into France and the UK, and target the enterprise segment, helping global Tier 1 banks offer automated advisory to their clients.
“Flanks solves a key challenge in wealth management by automating how data is collected and used to provide better financial advice," says Ramin Niroumand, head, Motive Ventures.