Flanks, a Barcelona-based company specializing in automated wealth services, has successfully raised $8 million in Series A funding. The investment, led by Earlybird Venture Capital, aims to democratize access to wealth management across Europe. Existing investors JME Ventures and 4Founders Capital also participated in the round, while angel investors Raffaele Terrone and Martin Kassing provided additional support.
Key Takeaway
Flanks, a Barcelona-based company, has secured $8 million in Series A funding led by Earlybird Venture Capital to drive the automation of wealth services across Europe. By digitizing global wealth data and consolidating it into one API, Flanks empowers clients with real-time visibility into their investment portfolios to make more informed decisions. The funding will support expansion plans and product development to create innovative solutions powered by AI.
Empowering Intelligent Investment Decisions through Wealth Data Digitization
Founded in 2019 by software engineers Joaquim de la Cruz and Sergi Lao, alongside private banking executive Álvaro Morales, Flanks’s primary goal is to digitize global wealth data from custodians and consolidate it into one comprehensive API. By doing so, clients can gain real-time visibility into their investment portfolios, enabling them to make more informed and intelligent investment decisions.
In an effort to capitalize on the regulatory changes surrounding open banking in Europe, Flanks developed its “open wealth” software. With open banking, it was previously challenging for clients to share their financial data with third parties or for financial advisors to provide a complete global asset allocation view. Flanks’s platform solves this problem, empowering financial advisors to effortlessly connect client information and access a 360-degree view of the client’s wealth information in one consolidated source.
Expanding Reach and Revenue Growth
Currently operating in Spain, France, and eight other countries, Flanks has established partnerships with over 300 banks worldwide and aggregates more than half a million investment portfolios each month. Over the past year, the company has doubled its client base to 100, focusing on larger clients that can potentially introduce Flanks to millions of end users. Notably, Flanks has experienced tremendous revenue growth, with a fourfold increase over the past 12 months.
Continued Expansion and Product Innovation
The Series A funding will enable Flanks to further expand its international presence and enhance its product pipeline. Building on its success from the previous year, Flanks aims to develop new products and use cases on top of its wealth data, leveraging artificial intelligence (AI) to create a variety of vertical solutions. The company is actively collaborating with OpenAI to connect data and empower financial advisors in working with the data to help clients grow their portfolios.
