Flanks Raises $8 Million for Open Wealth Platform Expansion

Published 6 months ago

Open wealth platform, Flanks, has successfully raised $8 million in a Series A funding round. Earlybird Venture Capital led the round, with contributions from existing investors, JME Ventures and 4Founders Capital.

The round also saw support from angel investors Raffaele Terrone, co-founder of Italian FinTech unicorn Scalapay, and Martin Kassing, co-founder and CEO of Upvest.

What Flanks Does

Based in Barcelona, Flanks provides a single API for aggregated wealth data across custodians. The service offers clients a comprehensive view of their investment portfolio in real-time. Compatible with more than 300 banks globally, the company aggregates over half a million investment portfolios monthly.

Software engineers Joaquim de la Cruz and Sergi Lao, alongside private banking executive Álvaro Morales, founded Flanks in 2019. The company serves a wide range of clients, including large financial institutions, family offices, and independent financial advisors.

Utilizing The Funding

The startup plans to use the new capital to expand further into the wealth management value chain. The goal is to automate manual processes such as profiling, reporting, and investment memorandums, and add algorithms for intelligent alerts and investment decisions.

Álvaro Morales, the chief strategy officer of Flanks and former global head of private banking of Banco Santander, believes the technology offered by Flanks, bolstered by this funding round, will transform the interaction between financial advisors and customers.

He stated, “Up until now, many financial advisors did their job without knowing the global asset allocation of their customers. The upcoming MiFID III regulation will likely require more detailed attention to the investor’s pre-existing wealth prior to giving financial advice.” According to Morales, the technology developed by Flanks is perfectly suited to meet these new requirements.